Siemens first quarter profits were down 37% in its wind and renewables business.
Revenues in the business unit were off by 19% compared to the year-ago quarter, to €1.2bn from €1.48bn.
Siemens said the setbacks were due in part to “timing effects related to project execution” which extended to “all three reporting regions”.
Wind orders however were up due in part to a €1bn offshore wind order in the UK. Total orders in the quarter were €1.9bn compared with €1.32bn in the year-ago period.
Overall Siemens a 10% boost in first quarter profits to €1.99bn, up from €1.81bn in the year ago period. Revenue was up 8% at €18.89bn.
“Double-digit revenue growth in Power and Gas, Healthcare and Mobility . . . more than offset a significant decline in Wind Power and Renewables,” said Siemens.
Siemens revised its outlook for fiscal 2016 on the back of the results, with earnings per share expected to hit as much as €6.40, up from the previous top of €6.20.
Image: Siemens
