Admin I Wednesday, Nov. 15, 2023
FRANKFURT – Siemens Energy reported on Wednesday that its fourth-quarter net loss was €870 million, compared to last year’s net income of €354 million. The company expects to return to profit for the full year 2024.
Basic loss per share was €1.04, compared to earnings of €0.33 a year ago.
Siemens Energy’s profitability was severely impacted by the large loss at its wind business Siemens Gamesa.
Loss before special items was €487 million, compared to prior year’s positive €564 million.
Revenue declined to €8.52 billion from €9.19 billion last year.
Revenues declined 2.5% on a comparable basis mostly due to Siemens Gamesa.
Orders were €10.58 billion, down 7.8% on a comparable basis.
Looking ahead for fiscal year 2024, the company expects a net income of up to €1 billion including impacts from disposals and the acceleration of the portfolio transformation. In fiscal 2023, net loss was €4.59 billion.
The firm expects comparable revenue growth in a range of 3% to 7% and a Profit margin before special items between negative 2% and positive 1%.
Siemens Energy added that due to the enormous demand for its technologies, businesses representing 70% of revenue are all well on track to reach the mid-term targets first set in September 2020.
Siemens Energy will give another update on its business, including more detailed mid-term targets for the business and strategic decisions for Siemens Gamesa, at the company’s Capital Market Day on November 21.
