Turbine Manufacturer Revenues Hit by Competition

Vestas and Siemens Gamesa, the world’s biggest wind turbine manufacturers, both saw revenues decline in the first quarter of 2018 during a time of stiff competition among turbine makers. Siemens Gamesa, which became the biggest manufacturer of turbines last year following the merger of Siemens’ wind turbine business with Gamesa, reported that sales had dropped 29 per cent to €2.2bn during the quarter ended in March. However, the group, which laid off thousands of people last year as part of the merger restructuring, reported a positive profit for the quarter of €35m, and improvement from a loss in the previous quarter. Vestas reported that its revenues had fallen 5 per cent during the quarter to reach €1.7bn, while its profits for the period dropped to €160m. – Financial Times