Siemens Energy hits $1.7 billion net profit in Q1, prioritizes offshore wind quality concerns
![Siemens Energy hits $1.7 billion net profit in Q1, prioritizes offshore wind quality concerns](https://sustainabilityeconomicsnews.com/wp-content/uploads/2024/02/F-4ZHCzXUAA7RE3.jpeg)
Siemens Energy reported a net profit of 1.58 billion euros ($1.7 billion) in the first quarter, attributing it to a one-time gain from selling an Indian subsidiary to its former parent, Siemens AG.
CEO Christian Bruch said, “The solid first quarter is encouraging, in part also due to project shifts, which are normal in plant engineering, especially with the market dynamics we are currently seeing.”
“That is why our focus remains on solving the quality problems in our onshore wind business and making the most of the growth potential for the rest of the company,” Bruch added.
With a record order backlog of 118 billion euros, Siemens Energy is addressing quality problems with its newer onshore turbines. The government is supporting crucial project guarantees affected by the crisis.
Quote of the Day
No quotes found.
Newsletter
Related News