Siemens Energy Surges on Wind Unit Turnaround, Job Cuts
- Wind turbine maker to scale back to key European, US markets
- Grid, gas manufacturer raises guidance on strong demand
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Siemens Energy AG shares jumped 14% after the company signaled its lucrative gas and electric grid businesses were no longer burdened by ongoing losses at its struggling wind-turbine unit.
The German company now sees comparable revenue growing by as much as 12% this fiscal year, up from a potential high of 7%, it said Wednesday.