Siemens plans to abandon its full-year net-profit target due to losses stemming from offshore wind projects, Reuters reports.
According to Reuters, which cited Financial Times Deutschland, complex regulations have delayed offshore wind projects, leading Siemens to take a first-quarter hit.
The company is expected to book charges for its Power Transmission business at around 203 million euros ($265 million) – about the same amount as in the first quarter, Reuters says.
Siemens is expected to release its latest financial results later this month.
The full Reuters report is available here.