Gamesa Corporacion Tecnologica SA forecast wind-turbine sales rising to 4 gigawatts in 2013 after it introduces a new range of generators whose development costs will cut profit margins. The stock fell as much as 7.3 percent.
The manufacturer will increase investment to 250 million euros ($348 million) next year from 150 million euros in 2010, reducing its profit margin to about 4.5 percent from about 5 percent this year, Chief Executive Officer Jorge Calvet told investors in London.
Calvet is bidding to reverse a 56 percent drop in Gamesa's shares this year after banks limited financing for its customers developing European wind parks. Casa Grande Cartagena SL, the investment company of Spain's billionaire Del Pino family, sold its 5.6 percent stake in the company last month.
Gamesa shares fell the most in percentage terms since July 30 and traded at 5.12 euros, down 5.3 percent, as of 5:25 p.m. in Madrid today.
The company, which forecast about 2.5 gigawatts of turbine sales this year in July, has orders for 791 megawatts of turbines in 2011, the company said in an investor presentation.
