Tag: $Siemens Energy

Siemens Energy’s (ENR) net profit nearly tripled in the first three months of its fiscal year, boosted by AI-driven demand for gas turbines and grid equipment and a narrower loss at its struggling wind turbine division.

Siemens Energy plans to invest $1 billion to expand U.S. power grid and gas turbine component production as the country builds data centres needed to power AI technology.

Siemens Energy AG reported strong December quarter earnings, driven by increased electricity demands amid the artificial intelligence boom.

Shares in Siemens Energy regained some ground on Tuesday after the German energy company posted first quarter results that beat market expectations. In morning trading, shares 3.0% higher at 49.76 euros, losing some ground after having earlier in the session traded 5.1% higher.

Siemens Energy shares soared as much as 13% on Wednesday after the German renewables firm raised its forecast for the year and announced that the CEO of its troubled wind turbine unit will be replaced amid “comprehensive restructuring measures.”

The German renewables firm reported a 1.58 billion euro ($1.7 billion) net profit, driven by the sale of its 18% stake in India’s Siemens Limited for 2.1 billion euros.

Siemens Energy shares plunged 33% on Friday morning after the company scrapped its profit forecast and warned that costly problems at its wind turbine unit could last for years.