Tag: $Siemens Energy

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.