Siemens Energy shares jump 12% after guidance raise and leadership change at embattled wind turbine unit

Problems with manufacturing faults at Siemens Gamesa forced the parent company to a 4.6 billion euro loss for the fiscal year.shares soared 12% on Wednesday after the German renewables firm raised its forecast for the year and announced that the CEO of its troubled wind turbine unit will be replaced amid"comprehensive restructuring measures."

"In a very difficult situation at Siemens Gamesa, Jochen laid the central foundations for the urgently needed reorganization and new start within Siemens Energy. It is only fair to emphasize that the causes of the quality problems did not fall under his tenure as CEO," said Siemens Energy CEO Christian BruchIt said that Gamesa had initiated comprehensive restructuring measures and"steps for long-term strategic development" in order to boost operating margins.

For the full year, the company now expects a comparable revenue growth between 10% and 12% and a profit margin before special items between negative 1% and positive 1%. It previously forecast comparable revenue growth between 3% and 7% and a profit margin before special items between negative 2% and positive 1%.for the fiscal year. An investigation into quality issues was launched at the wind turbine division.

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