Energy Tech Sales Help Siemens Beat Profit Estimates
While being battered by the global recession, European manufacturing giant Siemens AG nonetheless beat its quarterly profit estimates, based in part on strong sales of wind turbines and electrical transformers.
Munich-based Siemens’s main industry, energy and health-care units saw profits climb 43 percent to $2.42 billion in the second quarter, according to Bloomberg.
Siemens expects annual profits to reach $8.3 billion, which is down from previous estimates of $10.6 billion, according to the article.
While Siemens explores cuts in purchasing and administration, it is buoyed by the strong performance of its energy-related businesses.
With the economic stimulus package, the United States is expected to dramatically increase its purchase of renewable energy forms, including wind turbines, a signature component of Siemens’ portfolio of products.
The United States added 2,800 megawatts in wind power generating capacity in the first quarter of this year alone.
Wind turbines off the East Coast could generate enough electricity to replace most of the coal-fired power plants in the United States, said Interior Secretary Ken Salazar.
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