HUTCHINSON, Kan. — The news was better for Siemens Gamesa than expected as it released its fourth quarter and year-end earnings. The world’s number one wind turbine maker said Tuesday it swung to profit in the fourth quarter on the back of revenue growth.
Net profit came in at $28.5 million compared with a net loss of $167.9 million the year earlier.
Revenue rose 12 percent to just under $3 billion, driven by strong growth in onshore activity, a high level of execution in offshore projects and higher services revenue, the company announced in its release.
The group said it delivered on its full-year guidance across all key performance indicators.
In 2019, Siemens Gamesa said it expects revenue in the range of $11.4 billion to $12.5 billion compared with $10.5 billion in its 2018 fiscal year.
So far this earnings season for companies with ties to the area, Siemens Gamesa, Arconic and Union Pacific have all reported positive results.