After a disastrous first quarter highlighted by failures at its Gamesa wind turbine location, Siemens indicated it anticipates little change to its 2023 bottom line. This announcement caused shares in their Energy division to decline on Tuesday.

There were initial questions around the quality of Siemens wind turbines, putting pressure on the company to spend more than €500 million in Q1 last year on their Siemens Gamesa Renewable Energy unit and foot increased future costs for maintenance.

“Siemens anticipates little change to its 2023 bottom line and shares in Energy division decline “

Following this, their overall revenue loss shot up to almost twice its 2022 figure, from €246 to €598 million.

It hasn’t been an easy ride for the Gamesa renewable energy spin off since 2020.

They were dominated by the company's other divisions in Q1, which produce steam turbines for traditional power plants and equipment for energy transmission networks.

Revenue increased by 22% and profit increased by more than 50% for the Gas Service part of the business, while operating profit at Grid Technologies hit almost €100 million, an increase of 19%.

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