Siemens wind Q4 profits up 83% despite orders dip

GERMANY: Siemens' wind and renewables division recorded a profit of €132 million in the fourth quarter of its financial year.

Siemens wind profits increased 83% in Q4

The business unit said the 83% increase was as a result of a higher contribution from its servicing business, improved productivity and a 6% increase in revenues.

Orders, however, fell 56% to €1.2 billion following an inflated Q4 in 2015, the company said. Orders in the first nine months of its financial year were also strong, the company said.

Across its 2016 financial year, Siemens said orders amounted to €7.9 billion – up 30% year-on-year.

Revenue for 2016 was recorded at €5.98 billion (up 6%) and profit was up 7.8% to €464 million.

For Siemens Group as a whole, orders and revenue were both 5% higher compared with 2015, at €86.5 billion and €79.6 billion, respectively.

The company proposed a dividend of €3.60 per share.

"The fiscal year just ended was one of the strongest in the history of our company. Setting aside portfolio divestments, it was actually the best," said Siemens CEO Joe Kaeser.