Siemens Gamesa plans to cut 2,900 jobs by fiscal year

Siemens Gamesa wind turbine business

Siemens Gamesa today revealed that it will terminate jobs of around 2,900 employees by fiscal year 2025 and 1,900 will be in Europe.

Siemens Gamesa, a leading wind turbine manufacturing company, signed orders for €11.598 billion in the last 12 months, boosting the company’s backlog to a record €35.051 billion, i.e., a €2.509 billion increase year-over-year.

Siemens Gamesa said revenue fell 4 percent to €9.814 billion from October 2021 to September 2022. The drop in revenue is due to supply instability and delays in project execution, the challenges around the ramp-up of the Siemens Gamesa 5.X platform, reduced manufacturing activity, and component failures and repairs in legacy onshore platforms.

The company closed the fiscal year with a net loss of €940 million (vs. –€627 million in FY21).

Siemens Gamesa said revenue increased 17.8 percent to €3.372 billion during the fourth quarter of fiscal 2022.

The wind turbine company reported net profit of €286 million in the quarter from July to September 2022. Order intake from July to September increased 53 percent to €4.405 million: €1,566 million in offshore (+76 percent), €1,743 million in onshore (twice the figure registered in the same period of the previous year, boosted by the asset disposal in southern Europe), and €1,097 million in service (-3 percent).