Siemens Energy is reviewing its full-year outlook on the background of the wind turbine division Seimens Gamesa disclosed deeper than expected operating issues and increasing costs that triggered a significant quarterly loss.
Siemens Energy mentioned that the operating environment had become more difficult due to the Russia-Ukraine war and sanctions charged on Russia. The company wishes, could not rule out the additional adverse impact on sales and profits in 2022.
The company pointed to Siemens Gamesa, 67% owned by Siemens Energy as a reason for the outlook review. Siemens Gamesa previously cited ramp-up issues with its next-generation class of onshore turbines as “more complex than previously understood.”
Further pressure on energy, commodities and transportation costs, availability of key turbine components, harbor congestion, and delayed customers’ investment decisions, blamed the Spanish-listed company for a 304 million-euro ($328 million) operating loss in the second quarter.