On June 23, 2023, Siemens announced it was withdrawing its profit guidance for fiscal year 2023 due to a “substantial increase in failure rates of wind turbine components” at newly acquired Siemens Gamesa (SGRE). After an “extended technical review”, the Company expects additional costs to be in excess of approximately 1 billion Euros. Siemens further indicated an increase in product costs and ramp-up challenges in the off-shore business.
Following this news, the Company’s share price fell by $5.87 per share, or approximately 27% to close at $15.88 per share.
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