North American Windpower: Siemens Notes Mixed Wind Power Results For Fiscal Q1

Siemens Notes Mixed Wind Power Results For Fiscal Q1

by NAW Staff Wednesday January 23 2013

Siemens has released its earnings report for the first fiscal quarter (Q1) of this year.

The company's Energy segment reported a profit of 567 million euros, up 12% year over year. Siemens' Wind Power division recorded a profit of 52 million euros for Q1, compared to a loss a year earlier.

Key factors in the increase included higher revenue, positive effects related to project completions, and settlement of a claim related to an offshore wind farm project, Siemens says. Revenue in the company's Wind Power segment rose 27% compared to revenue from the first fiscal quarter of 2012, as the division continued to work off its order backlog in both Europe/CAME and the Americas.

However, Siemens says its wind power orders were down 25% year over year, due, in part, to concerns about expiring tax incentives in the U.S. at the end of 2012.

On a regional basis, Siemens saw significant revenue growth in the Americas in all of its divisions, which more than offset a moderate decline in the Europe/CAME region, where only the Wind Power segment posted an increase.

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