Gamesa Profit Doubles on Increased Orders From China to India

Gamesa Corp Tecnologica SA, a Spanish wind turbine maker, said its profit doubled in the first nine months of the year as revenue and orders surged.

Sales rose 23 percent to 2.5 billion euros ($2.7 billion), and net profit rose to 122 million euros from 64 million euros in the same period last year. Earnings before interest, tax, depreciation and amortization climbed 33 percent to 353 million euros.

“We are going to reach our end of the year targets in a comfortable manner,” Chief Executive Officer Xabier Etxeberria in a conference call. “We are maintaining our projections for the end of the year.”

Wind turbine manufacturers have had a good year as leaders from President Barack Obama in the U.S. to India’s Prime Minister Narendra Modi roll out incentives for clean energy. Denmark’s Vestas Wind Systems A/S has upgraded its full-year guidance for the second time this year after its profit beat expectations. Nordex SE in Germany reported record production and acquired the wind turbine business of Gamesa’s main Spanish rival, Acciona SA.

Gamesa’s order book is currently at 3 gigawatts, up 42 percent since the first nine months of 2014. Its order intake was 4 gigawatts, rising a gigawatt in a year. Higher orders from China and India drove the gains.

Gamesa’s shares have risen almost 48 percent in 2015, closing today at 15.30 euros.

©2015 Bloomberg News

Lead image credit: Gamesa.

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