Senvion books bottom line deficit, downgrades guidance

The German wind turbine manufacturer reports a slide in in revenue, is hemorrhaging capital and has downgraded its guidance for the year. We are looking forward to welcoming our new chief executive, says acting CEO.

Germany's Senvion is still having difficulties. In this year's third quarter, the manufacturer's top line declined by 28.6 percent to EUR 342.6 million, while the bottom line shows a deficit of EUR 14 million after taxes against a deficit of EUR 3 million in the same period last year.

The company's persistent challenges have prompted it to downgrade its guidance for the year. The forecast has been lowered from EUR 1.8-1.9 billion to EUR 1.6 billion, while the adjusted margin for earnings before interest, taxes, depreciations and amortizations is now expected to land around 5 percent compared to earlier projections of 5-6.5 percent.

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