Siemens Energy Slips To Loss In Q4 On Weak Wind Business; Expects Net Profit In FY24


Germany’s Siemens Energy AG (SMEGF.PK SMNEY.PK) reported Wednesday that its fourth-quarter net loss was 870 million euros, compared to last year’s net income of 354 million euros.

Basic loss per share was 1.04 euros, compared to earnings of 0.33 euro a year ago.

Siemens Energy’s profitability was severely impacted by the large loss at its wind business Siemens Gamesa.

Loss before special items was 487 million euros, compared to prior year’s positive 564 million euros.

Revenue declined to 8.52 billion euros from 9.19 billion euros last year. Revenues declined 2.5 percent on a comparable basis mostly due to Siemens Gamesa.

Orders were 10.58 billion euros, down 7.8 percent on a comparable basis.

Looking ahead for fiscal year 2024, the company expects a net income of up to 1 billion euros including impacts from disposals and the acceleration of the portfolio transformation. In fiscal 2023, net loss was 4.59 billion euros.

The firm expects comparable revenue growth in a range of 3 percent to 7 percent and a Profit margin before special items between negative 2 percent and positive 1 percent.

Siemens Energy added that due to the enormous demand for its technologies, businesses representing 70 percent of revenue are all well on track to reach the mid-term targets first set in September 2020.

Siemens Energy will give another update on its business, including more detailed mid-term targets for the business and strategic decisions for Siemens Gamesa, at the company’s Capital Market Day on November 21.

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