Siemens Energy on Monday said problems recently unveiled at its wind turbine unit would cost it 2.2 billion euros ($2.4 billion), well short of worst-case estimates but still casting doubt over the future of the business.
at its wind turbine unit would cost it 2.2 billion euros , well short of worst-case estimates but still casting doubt over the future of the business.
The charges will inflate Siemens Energy's net loss more than six-fold in 2023 to 4.5 billion euros, the company said, also publishing third quarter results that showed a new record for order backlog in the wake of strong demand. Siemens Energy shocked markets in late June when it announced a wide set of problems at Siemens Gamesa, one of the world's biggest wind turbine makers, just weeks after it managed to fully acquire the business it formerly only partly owned.
"Our third-quarter results demonstrate the challenges in turning around Siemens Gamesa," Siemens Energy CEO Christian Bruch said, adding the group's remaining divisions, including gas turbines and power converter stations, performed well.
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