Siemens Gamesa Slashes 2020 Revenue Forecast on COVID-19 Impact

Wind turbine maker Siemens Gamesa expects the fallout of the COVID-19 pandemic will cut 1 billion euros ($1.2 billion) from its sales revenue in the full year, the German-Spanish manufacturer said on Thursday.

The company said the impact will be harsher than previously expected, with fewer sales of turbines in several markets and slower execution of projects in northern Europe. Sales in the full year ending Sept. 30 will be between 9.5 billion euros and 10 billion, it said.

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