MUNICH (dpa-AFX) - Following a better-than-expected quarter, the energy technology group Siemens Energy has raised its forecast for the fiscal year to the end of September. The Group benefited in particular from a strong grid business. However, Siemens Energy was also more confident about the other businesses such as gas turbines, industrial transformation and the crisis-ridden wind turbine manufacturer Siemens Gamesa when it presented its sales figures on Wednesday.

For 2023/24 (as of the end of September), Siemens Energy expects revenue growth on a comparable basis of 10 to 12 percent, the company announced in Munich. This excludes currency and portfolio effects. Previously, the Group had forecast growth of three to seven percent.

With regard to the operating margin before special effects, the management led by CEO Christian Bruch raised the lower range and expects between minus one and plus one percent. Previously, Siemens Energy had assumed a worst-case scenario of minus two percent. The company was also much more optimistic about the cash inflow after taxes.

In the second quarter, Siemens Energy achieved comparable sales growth of 3.7 percent to around 8.3 billion euros. The adjusted operating result increased from 41 million to 170 million euros. The grid business recorded a jump in profits. The struggling wind subsidiary Gamesa continued to post losses, but these were not as high as analysts had expected.

After taxes, Siemens Energy earned 108 million euros, with the company also benefiting from the sale of business units. In the previous year, a loss of 189 million euros had been posted.

On a comparable basis, however, order intake fell by 22 percent to 9.5 billion euros. This was primarily due to a lack of orders from Siemens Gamesa, where sales of certain land turbines are currently suspended due to quality defects. The figures were better than expected by analysts./nas/zb/he