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.


Mortenson Construction_id2024

Trachte Inc._id1770
Latest Top Stories

Yearly Installed Capacity Figures Already Beat 2013 Numbers, More Wind On The Way: AWEA

While the American Wind Energy Association (AWEA) lobbies Congress to extend the production tax credit, the association notes wind projects now under construction signal a vibrant 2015.


Yahoo Inks Contract To Buy Kansas Wind Power

The Internet company plans to log in to the Alexander wind project, which is being built by community developer OwnEnergy.


Could Initial Offshore Wind Projects Crash New England's REC Market?

Some are concerned that the first offshore wind projects could negatively impact pricing of renewable energy credits (RECs) in New England.


Catching Up With The DOE's Down-Select Offshore Winners

The three recipients of key U.S. Department of Energy (DOE) funding provide updates on their offshore wind demonstration projects.


Texas Comptroller Attacks Wind Power, And Industry Fights Back

Texas Comptroller Susan Combs recently released a report calling for an end to wind power subsidies. The Wind Coalition has responded, saying the report is riddled with misinformation.

Renewable NRG_id1934
Canwea_id1984