Wednesday, July 17, 2024

Siemens Energy shares drop 30% on wind turbine problems

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Siemens Power has scrapped its revenue outlook for the yr amid mounting issues at its wind turbine unit Siemens Gamesa.

The corporate mentioned it was anticipating “considerably greater prices”, doubtlessly above €1bn, following a overview into “failure charges of wind turbine elements”.

“The potential magnitude of the influence leads us to withdraw the revenue assumptions for Siemens Gamesa and consequently the revenue steerage for Siemens Power Group for fiscal yr 2023,” it mentioned in a press release late on Thursday.

Siemens Power took full management of Siemens Gamesa this month to attempt to flip the enterprise round.

Siemens Power’s shares fell nearly 30 per cent because the market opened in Frankfurt on Friday, to €16.60.

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