Siemens energy division profits tumble

Faulty wind turbines were instrumental in disappointing profit results for Siemens energy announced mid-week.

Charges for faulty wind turbines were cited for a 28 per cent fall in profits for the company’s energy unit.
Joe Kaeser
The Munich-based firm, led by CEOà‚ Joe Kaeser forecast flat sales for the current year and targeted an industrial profit margin of 10-11 per cent, a new benchmark as it seeks to close a profitability gap with rivals.

Siemens goal compares with Swiss rival ABB’s 14.3 per cent operating margin in the third quarter, and General Electric’s 16.3 percent industrial margin.

No posts to display