Senvion - Poor 3Q17 looks like a prelude for an uncertain 2018
Senvion, the listed German manufacturer of wind turbine generators, has published another set of rather weak results, for 3Q17. Senvion is being negatively impacted by changes in the wind industry as volumes of installations in mature markets are softening while at the same time most countries are shifting to market-based mechanisms (auctions) from government subsidies, resulting in major price pressure.
The decline in Senvion’s top-line accelerated in 3Q17 to -17% (to €480m) from last quarter’s -13.5%. From a divisional perspective, both the onshore and offshore segment have slipped into negative growth territory with -12% and -63% respectively. As a reminder, previous trends were for some softness in the onshore segment but with this partly offset by the growing offshore segment.
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