Wind power and Russia drag Siemens Energy into the red

However, sales last quarter remained stable at €7.3 billion.

Spanish wind power company Siemens Gamesa and Russian business restructuring are attracting energy technology group Siemens Energy Deeper in red. And in the third quarter of the business – from April to June – it accumulated losses of 533 million euros, the company announced on Monday. In the current year, the minus is already a good billion.

The company also lowered its full-year earnings forecast. However, sales last quarter remained stable at €7.3 billion.

Problems at wind power subsidiary Siemens Gamesa are now causing weak energy numbers for the fifth time in a row. The company, in which the Munich group owns about two-thirds, had already reported deep red numbers last week. Still having problems in the onshore wind turbine business. In order to control the difficulties, Energy changed management a few months ago and also wants to grab the missing third and fully integrate Gamesa into the group.

Restructuring in Russia weighs on business

In addition, the strong energy division in the last quarter suffered from the restructuring of the Russian business, which had a negative special effect of about 200 million euros. However, the transfer should be completed by the end of the year and should not have any other significant financial implications.

The bottom line is that Siemens Energy now expects an even bigger loss for the entire fiscal year, which runs through the end of September. And the loss of the previous year will be more than almost the amount of the burden from the Russian business. At that time it amounted to 560 million euros.

(APA)