By Giulia Petroni
Siemens Energy on Monday said that net loss narrowed in the second quarter and adjusted the outlook for fiscal 2023.
The German energy company said it registered a quarterly loss of 189 million euros ($205.04 million) in the period ended March 31, compared with a loss of EUR256 million in the year earlier.
Revenue came in roughly 24% higher on year at EUR8.03 billion from EUR6.58 billion, while the order intake rose sharply to EUR12.26 billion from EUR7.91 billion in the previous year.
Siemens Energy said strong orders reflect its favorable positioning across markets for energy transition technologies, such as power generation and transmission. Profit though continued to be negatively impacted by supply-chain challenges, the ramp-up of the offshore activities as well as onerous projects at Siemens Gamesa.
Looking at fiscal 2023, the company said it now expects a comparable revenue growth between 10% and 12% from previously between 3% and 7%.
Profit margin before special items is instead seen around the low end of the guidance range of 1% to 3% due to Siemens Gamesa’s poor performance in the first half-year.
Net loss is expected to widen from the prior fiscal year’s level of EUR712 million by up to a low-triple-digit million euro amount.
Write to Giulia Petroni at [email protected]
