Siemens released its Q2 results today, which show that the conglomerate has faced losses in its wind and renewables division.
The company said that the ongoing high production and installation costs, as well as burdens related to inspecting and replacing main bearings, contributed to losses in this business unit. In addition, current period includes expenses for ramping-up commercial-scale production of a new turbine offering, Siemens explained.
However, revenue increased in the company’s offshore and service businesses, due to currency translation, mainly in the Americas.
Second quarter was better when looking at Siemens’ overall performance, where the company reported an 8% higher revenue.
Image: Siemens