Siemens Energy rides transformation, tech wave to beat expectations
The German energy technology group Siemens Energy performed better than expected in the first quarter of the fiscal year.
The main reasons were project postponements during the year and continued positive market momentum in the Gas Services, Grid Technologies and Transformation of Industry divisions.
Overall, the market environment remains positive, according to a press release published on Tuesday.
However, project delays between quarters are not unusual in plant engineering, which is why the company is sticking to its forecast for the current financial year.
According to the statement, turnover in the first quarter, excluding currency translation and portfolio effects, increased by 12.6% compared to the same period of the previous year to €7.65 billion ($8.31 billion). Experts had expected just under €300 million less.
On a comparable basis, incoming orders rose by 23.9% to €15.38 billion. Earnings before special items totalled plus €208 million after minus €282 million in the first quarter of 2023. Experts had forecast another loss of minus €106 million.
The high-profile wind power subsidiary Gamesa was less successful. Turnover increased slightly and was slightly above market expectations. However, incoming orders were disappointing. The result kept Gamesa in negative territory.
