Germany-based Siemens says it had a ‘strong finish’ for fiscal-year 2015. Among the conglomerate's many businesses, Siemens' wind power and renewables division experienced a solid fourth quarter (Q4'15).
The division's profits for the quarter, spanning from July 1 to Sept. 30, were EUR 72 million – a noticeable jump from a loss of EUR 60 million in Q4'14.
Orders in Q4'15 rose to approximately EUR 2.72 billion, compared to about EUR 1.81 billion during the same period last year. Siemens attributes the higher volume to large orders, including a EUR 1.2 billion order for an offshore wind farm and service in Germany and several big orders in the onshore wind business.
Division revenue during the quarter reached EUR 1.5 billion – a small dip compared to approximately EUR 1.64 billion in Q4'14. According to the company, there was a revenue decline in the onshore business but growth in the service business.
In the company's financial report, Siemens says the wind power and renewables division's profitability reflects the revenue decline, as well as a reduction in offshore margins due, in part, to increased competition. Furthermore, the company notes that the quarter included charges of EUR 223 million related to inspecting, replacing and repairing wind turbine components.