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Siemens Energy pulls margin outlook on Siemens Gamesa profit warning

FRANKFURT (Reuters) -Siemens Power on Wednesday scrapped its margin goal after wind energy division Siemens Gamesa was hit by higher-than-expected uncooked materials and product ramp-up prices.

Siemens Power, which owns 67% of Siemens Gamesa, stated it could not attain the low finish of its forecast for a margin on adjusted earnings earlier than, curiosity, tax and amortisation (EBITA) earlier than particular gadgets of three%-5% within the yr ending September.

The corporate, which was spun off from former dad or mum Siemens final yr, stored its gross sales outlook and nonetheless expects revenues to develop 3%-8%. Nonetheless, it warned that third quarter outcomes, scheduled for Aug. 4, have been unlikely to satisfy market expectations.

Earlier, Siemens Gamesa, the world’s largest maker of offshore wind generators, toned down gross sales expectations and warned of a doable loss within the present fiscal yr, blaming a pointy improve in uncooked materials costs.

In its second revenue warning in lower than three months, Siemens Gamesa additionally cited increased than anticipated ramp-up prices for its 5.X onshore wind turbine platform, particularly in Brazil.

Siemens Power confirmed the outlook for its Fuel and Energy division, saying it nonetheless anticipated gross sales to rise by 2%-6% and an adjusted EBITA margin earlier than particular gadgets of three.5%-5.5%.

(Reporting by Christoph Steitz; Modifying by Richard Pullin)

Siemens Energy pulls margin outlook on Siemens Gamesa profit warning

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