Mixed fortunes for Siemens in Q1

Siemens’ energy business posted a rising income in its 2013 fiscal first quarter as its Wind Power division showed revenue growth and the company saw lower losses related to German offshore connections.

However, losses from the discontinued solar unit continued to drag down overall company results at the German industrial giant, which said its solar exit plan remains “a complicated matter”.

Wind Power revenue surged 27% in the first quarter from a year earlier as the company continued to work through its order backlog, chief financial officer (CFO) Joe Kaeser told journalists.

That helped the division to a €52m ($69m) profit in the three months ending 31 December, compared to a €26m loss a year earlier.

However, new wind orders plunged by 25% in the first Log in to read complete article.

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