Siemens cuts full-year outlook as delayed wind projects weigh

City A.M. Reporter
GERMAN engineering conglomerate Siemens slashed its full-year outlook yesterday after incurring another major charge related to delayed offshore wind power projects in the second quarter.

The announcement comes a day after Siemens named a new chief for the affected Power Transmission division, having ousted the unit’s former chief executive Udo Niehage.

“We are addressing the problems (at Power Transmission) systematically,” group chief executive Peter Loescher said after Siemens reported a two-thirds drop in fiscal second-quarter net profit from continuing operations to €1.05bn. Siemens now sees net profit from continuing operations for the fiscal year through September at €5.2bn to €5.4bn.