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Gamesa 1Q Profit Rises, Beating Analyst Expectations

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(Corrects analyst forecast in second paragraph of story first published yesterday.)

May 8 (Bloomberg) -- Gamesa Corp Tecnologica SA said its net profit more than doubled in the first quarter, boosted by rising margins and a rebounding wind turbine market.

Net income rose to 17 million euros ($24 million) in the first three months of the year, from 7 million euros in the same period last year, Zamudio, Spain-based Gamesa said today in an e-mailed statement. That’s more than the 13.2 million euro average forecast of 6 analysts compiled by Bloomberg.

The margin on earnings before interest and tax rose to 6 percent from 4.4 percent. Sales rose by more than a quarter to 567 megawatts of turbines, the company said. That’s in line with its guidance of full-year sales totaling 2,200 megawatts to 2,400 megawatts, according to Gamesa.

Earnings were released after the market closed in Madrid. Gamesa shares rose 1.4 percent today to 7.69 euros and have more than doubled in the past year. The company returned to profit in 2013 after posting its first ever loss as a public company in 2012.

Wind-power installations will climb to a record 47.3 gigawatts this year, driven by resurgent U.S. demand and growth in developing nations from Brazil to China, the Global Wind Energy Council predicted last month.

To contact the reporter on this story: Alex Morales in London at amorales2@bloomberg.net

To contact the editors responsible for this story: Reed Landberg at landberg@bloomberg.net

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