Siemens Is Optimistic About New Renewable Energy Orders For Upcoming Year

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Siemens is reporting that it expects a strong increase in new orders in the first quarter of the year, compared to the same period in fiscal 2010. Income from continuing operations in the first quarter is expected to exceed the prior-year level, according to the company.

‘We're off to a good start and are fully on track to reach our targets,’ says Joe Kaeser, chief financial officer of Siemens during an investor conference in New York.

New orders at Siemens are expected to show an increase year-over-year, exceeding the comparable prior-year figure of approximately 19 billion euros. However, they will probably not reach the traditionally strong fourth-quarter level of about 23.5 billion euros.

At Siemens' renewable energy division, seasonal effects will reduce new orders considerably. However, this decline will be only temporary, according to the company. Double-digit growth in new orders is still expected for the current fiscal year as a whole.

Preliminary work on the further global expansion of the wind business and the ongoing integration of solar technology activities would also lead to a noticeable, temporary decline in the division's profits, according to the company.

SOURCE: Siemens AG

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