By Kim Richters
Siemens Gamesa Renewable Energy SA /zigman2/quotes/205820667/delayed ES:SGRE -3.59% said Tuesday that net profit and revenue rose for the fourth quarter of its fiscal year.
The Spanish turbine maker’s net profit increased to 52 million euros ($58.0 million), compared with EUR25 million for the same period last year.
Revenue for the quarter rose to EUR2.94 billion, compared with EUR2.62 billion a year earlier and analysts expectations of EUR3.03 billion, according to estimates compiled by FactSet.
The company met its revenue and adjusted earnings before interest and taxes margin targets for the fiscal year. It saw full-year revenue of EUR10.23 billion, reaching the lower end of the previously expected range of between EUR10 billion and EUR11 billion. The adjusted EBIT margin was 7.1%, also on the lower end of the forecasted range of 7%-8.5%.
For the next fiscal year, the company issued a revenue target of between EUR10.20 billion and EUR10.60 billion as well as an adjusted EBIT margin of 5.5%-7%.