Strong Q1 for Siemens Wind Power

Rising profits at its Wind Power business helped Siemens to good overall first quarter results in its Energy Sector, but a widening loss at the power transmission unit due to ongoing offshore grid-connection issues continued to drag.

Profit at the Wind Power unit increased 20% to €63m ($86m) in the first quarter of the company’s fiscal year ending on Dec. 31, 2013, from a year earlier, lifted by a 15% increase in revenue that included an expansion of the division’s service business.

Orders in Wind Power shot up 94% to €2.26bn in the quarter, pushed higher by a major US onshore wind contract that is the largest in the division ever.

That deal – a 1.05GW order from MidAmerican Energy – was joined by a 582MW offshore contract from Dong Log in to read complete article.

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