Siemens Energy on Monday said problems recently unveiled at its wind turbine unit would cost it £1.9bn (€2.2bn), well short of worst-case estimates but still casting doubt over whether it will keep the struggling business.
- Aug 08, 2023, 2:30 PM CDT
The group also cut its sales outlook, and issued a new, lower profit outlook after withdrawing it in the wake of the disclosed issues, which include wrinkles in rotor blades and faulty gears at its newer onshore turbines. Others however, including JPMorgan, said the price tag should alleviate fears of an even higher fallout.
Siemens Energy CEO Christian Bruch said while the situation at Siemens Gamesa was a “massive setback”, the performance of the group’s remaining units, including gas turbines and power converter stations, provided a silver lining.
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