There’s no way to sugarcoat it: This has been a miserable year for wind turbine manufacturers. The renewable energy businesses of all three of the leading Western players — Vestas (VWDRY -3.90%), Siemens Gamesa (GCTAY 0.81%), and General Electric (GE -1.47%) — are set to lose money in 2022.
That said, there’s clear evidence of a turnaround in progress, and investors should look for a gradual improvement in the sector’s fortunes through 2023. Here’s why.
Not the year they expected
A quick look at the guidance these three wind power companies gave at the start of their relative fiscal years (Siemens Gamesa’s fiscal year concluded at the end of September) compared to their latest results and outlooks demonstrates what a challenging year its been.
Siemens Gamesa lost money in its fiscal 2022, and Vestas is on track to do the same — but both predicted profits at the start of their financial years. Meanwhile, GE Renewable Energy is…
