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Siemens core profit hurt by wind power charges 

Credit:  Reuters | Nov 6, 2014 | www.reuters.com ~~

German engineering group Siemens missed expectations for fourth-quarter core profit, hurt by charges for faulty wind turbines that pushed its wind power division to a loss.

Siemens, one of Germany’s biggest companies and a major exporter of goods from trains to turbines to hospital equipment, posted total sectors profit up 28 percent to 2.2 billion euros ($2.76 billion), missing the average estimate of 2.25 billion euros in a Reuters poll.

It forecast flat sales for the current year and targeted an industrial profit margin of 10-11 percent, a new benchmark for Siemens as it seeks to close a profitability gap with rivals under Chief Executive Joe Kaeser, who took over in 2013.

Siemens also said it had agreed to sell its hearing-aid unit to private equity firm EQT and Germany’s Struengmann family for 2.15 billion euros, and would keep a 200 million-euro equity investment in the business.

($1 = 0.7985 euro) (Reporting by Georgina Prodhan; Editing by Maria Sheahan)

Source:  Reuters | Nov 6, 2014 | www.reuters.com

This article is the work of the source indicated. Any opinions expressed in it are not necessarily those of National Wind Watch.

The copyright of this article resides with the author or publisher indicated. As part of its noncommercial educational effort to present the environmental, social, scientific, and economic issues of large-scale wind power development to a global audience seeking such information, National Wind Watch endeavors to observe “fair use” as provided for in section 107 of U.S. Copyright Law and similar “fair dealing” provisions of the copyright laws of other nations. Send requests to excerpt, general inquiries, and comments via e-mail.

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