in News Departments > New & Noteworthy
print the content item

Citing "strong offshore performance," Siemens reports that its wind division generated EUR 179 million in profits during the fourth quarter of 2013 (Q4'13) - a 34% increase year-over-year.

The Q4'13 wind profits are an improvement over the EUR 22 million Siemens saw in the third quarter. At the time, the company said the Q3'13 results were hindered by EUR 91 million in charges related to inspecting and retrofitting its B53 rotor blades. In two separate instances, the blades had broken off, and a company investigation later revealed an adhesive bonding failure as the root cause.

According to Siemens, its 4Q’13 growth was due mainly to offshore wind farms in Europe. The company says it is still feeling the effects of an order gap in the U.S. in 2012, which was caused by uncertainty regarding the production tax credit. (However, the company has just received a 1 GW order for Iowa wind farms.)

Cumulatively - i.e., across all of Siemens’ sectors - Q4’13 profits have actually declined to EUR 1.609 billion, down from EUR 1.932 billion the same period a year ago. Siemens says the drop is associated with the “successful execution” of its Siemens 2014 improvement program, a previously instituted initiative meant to reduce company costs by over $8 billion.

As part of its Siemens 2014 program, the company is currently in the process of cutting about 15,000 jobs globally across its many businesses by the end of 2014; it remains unclear how many workers - if any - in the company’s wind division could be affected.

Commenting on Siemens’ Q4’13 results, company president and CEO Joe Kaeser says, "With a solid fourth quarter, we completed an eventful year in fiscal 2013. Now we're looking ahead and concentrating on measures aimed at improving our profitability, which we are implementing rigorously and prudently.”

The full financial report is available HERE.



Trachte Inc._id1770
Latest Top Stories

Are Fitch Ratings' Claims About Wind Farm Underperformance Unfounded?

A recent report from Fitch Ratings suggests that wind farms underperform due to an overestimation of wind resources, but AWS Truepower says the analysis misses the mark.


SunEdison Buying First Wind In $2.4 Billion Deal

Global solar company SunEdison and its yeildco have announced an agreement to buy the Boston-based developer, a major player in the U.S. wind industry.


U.S., China Reach Ambitious Climate Change Accord

The agreement between the global superpowers leans heavily on the deployment of renewable energy, such as wind and solar.


What The Midterm Elections Mean For The U.S. Wind Industry

Both chambers of Congress are now under Republican control for the first time since 2006. How will wind energy fare?


GE Blade Crashes At Mehoopany Wind Farm In Pennsylvania

The turbine manufacturer says the Nov. 2 incident is "isolated and unrelated" when compared to earlier blade issues.

BG 2015DblBox_id2032
Renewable NRG_id1934
Hybrid Energy Innovations 2015