EnergyWatch

Siemens' main attraction is Siemens Gamesa

Despite a halving of the result in its power plant division, the German conglomerate calls the first three months of its fiscal year a success. And this success is technically thanks to Siemens Gamesa.

At first glance, things may look rough. But the underlying trends are strong, according to Siemens Gamesa's quarterly report for its displaced first quarter 2018, released Tuesday. The German parent company's report came to the same conclusion. For this reason, guidance for the full year has been maintained.

Overall, earnings in Siemens' manufacturing business declined, despite a small increase in revenue of 14 percent, to EUR 2.2 billion due to a "sharp decline" in the Power & Gas division. But overall the conglomerate's earnings grew, while the German group notes a rise in the order intake of 14 percent to EUR 22.5 billion.

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