Siemens Posts Strong Q2 2017 Offshore Wind Order Book

Siemens reported a strong order growth in nearly all industrial businesses in the second quarter of the fiscal year 2017, with the strongest contributions from Wind Power and Renewables and Energy Management, both with large contract wins, the company said.

Orders in Siemens Wind Power and Renewables division amounted to approximately EUR 3.1 billion in Q2 2017, compared with approx. EUR 2.1 billion in the same period last year.

Higher volume from large orders included a EUR 1.4 billion contract win for an offshore wind farm, including service, in Germany. For comparison, Q2 FY 2016 included a EUR 1.2 billion order for an offshore wind-farm, including service, in the UK.

Siemens also reported strong earnings contribution in its Financial Services unit, driven by the equity business, which included a gain from the sale of a stake in an offshore wind farm project.

Overall, the company posted a revenue increase of 6% compared to Q2 FY 2016, to EUR 20.2 billion, and orders were EUR 22.6 billion, up 2%.