Hopes for a successful turnaround of Siemens Energy’s wind turbine unit have been dashed after the group projected a hefty bill to repair its far-reaching quality issues, as competitors face similar challenges.
In June, Siemens Energy said wind turbine unit Siemens Gamesa - which the former took full control over in June - had found worse-than-expected quality flaws at its onshore wind turbines. After scrapping its annual profit guidance, the firm said these issues would cost €1bn to fix, while Jefferies has put estimates at €2bn. In its fiscal Q3 earnings report last Monday (7 August), the manufacturer said it had booked €2.2bn in costs due to quality issues at its wind turbine unit, pushing its net loss for the year to around €4.5bn — significantly worse than previously expected. Deep Div...
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