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.
