Siemens' wind division saw a 20% year-over-year profit increase and a large boost in orders in the first quarter of the company's fiscal 2014, which spanned from Oct. 1 to Dec. 31, 2013.
According to the company's financial report, the wind division earned EUR 63 million ($86 million) in Q1, lifted by a 15% rise in revenue that included expansion of its service business compared to a year earlier.
Siemens says orders nearly doubled from the same period last year, when demand in the U.S. stalled due to potential expiration of tax incentives. The company adds that large orders for wind farms in Europe/CAME included two major offshore contracts in Germany, while order growth in the Americas included the contract win in the U.S. for the division's largest onshore wind order to date: a 1.05 GW deal with MidAmerican Energy to supply Iowa wind farms.
