Siemens Cuts Full-Year Profit Forecast on Wind-Power Cost

Siemens AG cut its annual profit forecast for the third time in five years as delays in linking off-shore wind parks to Europe’s power grid hinder Chief Executive Officer Peter Loescher’s thrust into renewable energy.

Siemens now expects net income from continuing operations of 5.2 billion euros ($6.9 billion) to 5.4 billion euros in the year through September, down from a 6 billion-euro target, the Munich-based company said. Ingo-Martin Schachel, an analyst at Commerzbank AG, said he expected a reduction to 5 billion euros.