Siemens - 3rd quarter 2018Incoming orders grow, sales stagnate
In the third quarter of 2018, Siemens recorded double-digit growth in order intake, while sales stagnated. Particularly good business in the 'Digital Factory' division offset losses in the 'Power and Gas' division.
The Siemens Gamesa Renewable Energy Division recorded very strong growth in order intake. This was due to higher volumes from major orders, including a €1.3 billion order for an offshore wind farm including services in the United Kingdom and several major orders in the onshore business, where, according to Siemens, there are signs of price stabilization. In contrast, there was a sharp decline in sales and earnings - mainly due to price pressure in connection with earlier orders for onshore wind turbines and the timing of the processing of large offshore wind projects.