Siemens Energy on Wednesday said it would not pay a dividend for 2022, citing a widening net loss and challenges related to its struggling wind turbine division Siemens Gamesa.
The company's net loss came in at 647 million euros ($669 million), also burdened by a 200 million charge due to the restructuring of its Russian division.
Siemens Energy owns 67% in Siemens Gamesa and has launched a 4.05 billion euro bid, expected to run until Dec. 13, to buy the rest in a bid to better integrate the division and fix quality issues at a next-generation turbine model.
"In a challenging year we managed to again deliver solid results in our Gas and Power business, while Siemens Gamesa did not meet expectations," Siemens Energy Chief Executive Christian Bruch said in a statement.
"The integration of Siemens Gamesa will help to improve profitability at our wind business and allow it to deliver to its full potential."
Fourth-quarter sales were up 5.9% at 9.2 billion euros, the company said, higher than the 8.8 billion Refinitiv estimate.
The company added that at 97.4 billion euros, its order backlog had reached a new record.
($1 = 0.9670 euro)
