Siemens Energy says preliminary Q1 results better than market expectations

Siemens Energy preliminary financial results for the first quarter are above market expectations mainly due to project shifts and timing effects across all businesses and continued momentum across Gas Services, Grid Technologies and Transformation of Industry, the company announced. Order intake increased by 23.9% on a comparable basis excluding currency translation and portfolio effects to EUR 15.38B. Revenue increased by 12.6% on a comparable basis to EUR 7.65B. Profit before special items for Siemens Energy amounted to EUR 208M, which corresponds to a margin before special items of 2.7%. Free Cash Flow came in at minus EUR 283M due to the expected high cash outflow at Siemens Gamesa. “Overall, Siemens Energy continues to see a positive market environment. However, project shifts and timing effects which create shifts between quarters are not unusual for plant engineering businesses. Therefore, Siemens Energy still maintains its guidance for the current fiscal year,” the company stated. For the fiscal year ending September 30, 2024 Siemens Energy expects comparable revenue growth excluding currency translation and portfolio effects in a range of 3% to 7% and a profit margin before special items between minus 2% and plus 1%.