On Wednesday, Siemens Energy warned of increased sales and margins pressure due to worsening problems at its wind turbine division Siemens Gamesa, which has been hit hard from supply chain disruptions.
Results at Siemens Gamesa, which in January issued its third profit warning in nine months, mask a solid performance at Siemens Energy’s business focused on coal- and gas-fired power stations and turbines.
“Disappointing again is the performance of Siemens Gamesa which is weighing heavily on Siemens Energy,” said Siemens Energy’s CEO Christian Bruch while adding, the situation had “aggravated further since the last profit warning”.
In a statement Siemens Energy, which owns 67% of Siemens Gamesa, said it expects 2022 sales to be at the low end of its forecast range, which spanned a decline of 2% to an increase of 3%.
The group’s margin on adjusted earnings before interest, tax and amortisation (EBITA) before special items is also expected to come in at the low end of the 2%-4% forecast range, said Siemens Energy.
Last month Siemens Energy had reported its second quarter results showing a $265 million (252 million euro) in net loss due to the issues at Siemens Gamesa; this is in contrast to a 31 million profit last year.
($1 = 0.9493 euros)