Siemens Gamesa Renewable Energy (SGRE) has reported the results of the first half (October-March) and the second quarter (January-March) of fiscal year (FY) 2019. Revenue increased by 6% year-on-year in the first half of FY 2019, to €4,651 million and by 7% in the second quarter, to €2,389 million, supported by strong performance in Offshore and Service.
The company ended the first half of FY 2019 with EBIT pre-Purchase Price Allocation (pre-PPA) and integration and restructuring costs of €316 million, equivalent to an EBIT margin pre-PPA and integration and restructuring costs of 6.8%. In the second quarter, EBIT pre-PPA and integration and restructuring costs amounted to €178 million, equivalent to an EBIT margin pre-PPA and integration and restructuring costs of 7.5%.
Performance was in line with the guidance presented for FY 2019 (revenues of €10,000-€11,000 million and EBIT margin pre-PPA and integration and restructuring costs of 7%-8.5%). Net income amounted to €67 million in the first half, from €0 million in the same period last year, and to €49 million in the second quarter, an increase of 40% YoY.
Commercial activity remained strong during the period, with a record order backlog of €23.6 billion (+7% YoY), fully covering the low end of the FY 2019 revenue guidance range, providing enhanced visibility for following years. Order intake amounted to €2.5 billion in the second quarter of FY 2019, driven by Service, where order intake increased by 11% year-on-year. In the last twelve months, order intake amounted to €10.9 billion (+8% YoY), supported by strong performance in all segments.
