Siemens Energy Reports Profits and Increased Orders for Q1 2024
Siemens Energy, the German energy company, has announced its financial results for the first quarter of fiscal 2024, exceeding market expectations. Despite the challenging economic climate, the company reported a profit of €1.89 billion ($2.05 billion), a significant improvement from the €384 million loss recorded in the same period last year. This impressive turnaround can be attributed to a 13% increase in revenue, totaling €7.65 billion, on a comparable basis.
The order intake for Siemens Energy also witnessed substantial growth, with a 24% year-on-year increase, amounting to €15.38 billion. Additionally, the company's profit before special items stood at €208 million.
Siemens Energy attributes these remarkable results to project shifts, timing effects, and a consistent momentum across its Gas Services, Grid Technologies, and Transformation of Industry sectors. Despite the challenges posed by the ongoing global situation, the company remains optimistic about the market environment.
Looking ahead, Siemens Energy anticipates a comparable revenue growth between 3% and 7% for the fiscal year ending on September 30. Moreover, they expect a profit margin before special items to range from negative 2% to positive 1%. These projections demonstrate the company's confidence in its ability to sustain growth and profitability in the coming months.
Siemens Energy's full results for the first quarter of fiscal 2024 will be published on February 7.
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