Siemens Energy on Monday said problems recently unveiled at its wind turbine unit would cost it 2.2 billion euros ($2.4 billion), well short of worst-case estimates but still casting doubt over the future of the business.
The charges will inflate Siemens Energy’s net loss more than six-fold in 2023 to 4.5 billion euros, the company said, as it published third-quarter results showing record order backlog due to strong demand.
The company also cut its sales outlook, and issued a new, lower profit outlook after withdrawing it in the wake of the disclosed issues, which include faulty components for its newer onshore turbines and ramp-up problems for offshore production.
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