Siemens Energy reports growth in sales and orders, but also further losses. Siemens Gamesa’s wind power business in particular is causing problems.
The energy technology group Siemens Energy is growing strongly, but continues to make losses. In particular, the wind power business at Siemens Gamesa put pressure on the result again in the second quarter from January to March, as the group announced in Munich. With a minus of 189 million euros after taxes, the consolidated loss was lower than in the previous year and the previous quarter.
Sales, on the other hand, increased nominally by 22 percent to a good 8 billion euros, and incoming orders even rose by 55 percent to 12.3 billion euros. As a result, the order backlog rose to a record 102 billion euros.
“The strong order intake confirms our very good positioning in the market for energy transition technologies. This applies in particular to areas such as power generation and grid technology,” said CEO Christian Bruch. “Our updated outlook reflects this strong demand, but also reflects the ongoing difficult market environment for the wind industry.”
Loss after tax could be higher
Siemens Energy has raised its forecast for annual sales and now expects 10 to 12 percent growth on a comparable basis. The expected margin, on the other hand, was adjusted downwards. The after-tax loss could be higher than in the past fiscal year.
The decisive problem for the group remains Siemens Gamesa, which was the only segment to report operating losses in the second quarter. Bruch emphasized: “The success of the wind business remains the basic requirement for us to become a profitable market leader in the field of energy transition.”
Source: Stern
