Siemens Energy reports larger quarterly loss

Admin l Tuesday, February 7, 2023

 

GERMANY – German power firm Siemens Energy on Tuesday reported a loss of €‎598 million ($641 million) in the latest quarter, compared to a loss of €‎246 million in the same period the previous year.

Basic loss per share was €‎0.60, compared to loss of €‎0.18 a year ago. Loss before special items was €‎282 million, compared to loss of €‎69 million last year.

Revenue, however, grew 16% to €‎7.06 billion from last year’s €‎5.96 billion. Orders were €‎12.73 billion, up 49.2% from €‎8.33 billion last year. Order backlog was €‎98.8 billion, compared to September 30, 2022 order backlog of €‎97.4 billion.

For the fiscal year 2023, Siemens Energy expects comparable revenue growth, excluding currency translation and portfolio effects, in a range of 3 to 7%.

The company also said it had to adjust earnings and margin forecast due to certain charges at Siemens Gamesa Renewable Energy. Siemens Energy expects a profit margin before special items between 1-3%, compared to the previously expected range of 2-4%.

Net loss for the year is now expected to be on prior fiscal year’s reported level. Previously, the company was projecting a sharp reduction of net loss compared to fiscal year 2022.