Siemens Energy's wind business lost more than $2.5 billion in its June quarter.
Making wind-power-generation equipment isn’t a great business these days. Just look at Siemens Energy : Concerns about its business wiped out more than $3 billion in market value Thursday in overseas trading.
“The strong growth in order intake, particularly in the former Gas and Power business areas, leads to a rising need of guarantees for long-term projects,” Siemens said in a news release.
In Thursday’s release, the company reiterated that Siemens Gamesa “is working through the quality issues and is addressing the offshore ramp up challenges.” It added that it expects the segment’s net losses and cash outflow for fiscal 2024 to surpass market forecasts. Wind is a different story for GE, too. Most of the problem is with offshore wind power, according to CEO Larry Culp. Offshore wind is a higher-cost application than onshore windmills. Still, GE is making progress. Its wind business lost $317 million in the third quarter, much narrower than the year-ago quarter’s $934 million loss.
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Siemens Energy shares dive on German guarantee talks, profit warningSteven Goldstein is based in London and responsible for MarketWatch's coverage of financial markets in Europe, with a particular focus on global macro and commodities. Previously, he was Washington bureau chief, directing MarketWatch's economic, political and regulatory coverage. Follow Steve on Twitter: MKTWgoldstein.
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