Siemens, while reporting better-than-expected quarterly earnings amid a far-reaching restructuring, warned on Thursday that problems in its energy businesses, and the consequences of western sanctions against Russia, could weigh on its profit well into next year.
In a conference call, Siemens Chief Executive Joe Kaeser said several energy projects such as its offshore wind parks in the North Sea posed “potential risks going forward.”
“It takes time for it to grow out of the backlog of legacy issues,” Mr. Kaeser told analysts and journalists. “We’ll have some more quarters where we’ll have challenges. It may well go into 2015.”
When taking Siemens’ helm last year after serving as its finance chief, Mr. Kaeser initiated a divestment program to exploit the company’s most-profitable businesses, and set in motion plans to eliminate a management layer.