Siemens closes wind chapter on a high note

In the wake of a major merger, Siemens' CFO is delighted that profit margins in the wind division have increased to a two-digit percentage point. Besides a single, large order, the positive report is attributed to an ever-expanding service business.

In its final moments as an independent wind supplier before shifting its wind activities to a new, merged company, Siemens managed to surge ahead. While revenue in the wind division increased by 4 percent to EUR 1,516 million in the company's second quarter, which counts the first three months of the year, earnings increased by 13 percent to EUR 155 million. The result was that the profit margin, which until recently sat well below five percent, increased to a two digit-figure of 10.3 percent.

"Our wind business delivered a convincing performance in the second quarter – that is, prior to the merger with Gamesa – with an exceptionally strong margin," says Ralf P. Thomas, CFO of Siemens AG, of the quarter.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from EnergyWatch

Ørsted aims to be number one on carbon capture

The utility hopes to win the Danish carbon capture and storage tender with a plan to capture 400,000 tonnes of CO2 by 2025 from the company’s biomass-fired combined heat and power stations.

Nordex downgrades forecast

The German turbine manufacturer has had a rougher start to 2022 so far than expected, prompting the company to downgrade guidance by EUR 200m at minimum.

Further reading

Related articles

Latest News

See all jobs