Siemens energy division profits tumble

Faulty wind turbines were instrumental in disappointing profit results for Siemens energy announced mid-week.

Charges for faulty wind turbines were cited for a 28 per cent fall in profits for the company’s energy unit.
Joe Kaeser
The Munich-based firm, led by CEO Joe Kaeser forecast flat sales for the current year and targeted an industrial profit margin of 10-11 per cent, a new benchmark as it seeks to close a profitability gap with rivals.

Siemens goal compares with Swiss rival ABB's 14.3 per cent operating margin in the third quarter, and General Electric's 16.3 percent industrial margin.

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