Siemens Energy's business development in the first quarter of the year was supported by continued favorable trends in the energy market.

Sales amounted to 7.6 BnE, up 12.6% on a comparable basis in Q1 2024. Although all segments contributed to growth, the increase was particularly strong at Grid Technologies.

Orders rose year-on-year by 23.9% on a comparable basis (excluding currency and portfolio effects) to 15.4 billion euros. The order backlog is at a new high of €118 billion.

Siemens Energy's earnings before extraordinary items improved sharply to €208m. Siemens Energy's profit amounted to MEUR 1,878 (Q1 2023: negative MEUR 384).

Due to exceptional items, Siemens Energy posted net income of MEUR 1,582 (Q1 2023: net loss MEUR 598). EPS was positive by 1.79 E (Q1 2023: negative by 0.60 E).

Free cash flow before tax was negative at 283 ME (Q1 2023: negative by 58 ME). The decrease is mainly due to Siemens Gamesa.

' The solid first quarter is encouraging, partly also due to project changes. Our focus remains on resolving the quality issues in our onshore wind business and making the most of the growth potential for the rest of the company,' says Christian Bruch, President and CEO of Siemens Energy.

For the full year, Siemens Energy confirms its outlook.


Copyright (c) 2024 CercleFinance.com. All rights reserved.