The firm, based in Bilbao in northern Spain, grew seven-fold during a decade-long expansion fuelled by cheap debt and strong demand for renewable energies. But it was badly affected by an economic downturn in 2008 and tougher power regulations.
It launched a major overhaul of its operations in 2012 and has steadily recovered since, thanks to greater business diversification and a quick expansion abroad.
Gamesa said its 2014 recurring earnings before interest and taxes (Ebit) had risen 48 percent year-on-year to 191 million euros ($217 million), while net profit rose to 92 million euros from 45 million a year earlier.
It also said it would pay a cash dividend of 0.0825 euros per share against 2014 earnings. For 2015, the company expects sales to be within a range of 3.15 billion to 3.4 billion euros and an Ebit margin of more than 8 percent compared with 6.7 percent in 2014.
Shares in Gamesa were up 3.2 percent at 10.695 euros at 0845 GMT, one of the top gainers of Spain's blue-chip index Ibex . They have already risen 37 percent this year.