Siemens Energy : Swung to Profit in 1Q; Backs Fiscal Year 2021 Outlook

By Giulia Petroni

Siemens Energy AG said Tuesday that it swung to a profit in the first quarter of the year and confirmed its outlook for fiscal 2021.

The German energy company registered a quarterly net profit of 99 million euros ($119.7 million) from a net loss of EUR195 million in the previous-year period.

Revenue increased 2.6% on year to EUR6.54 billion, while orders fell to EUR7.43 billion driven by a sharp decline in Siemens Gamesa Renewable Energy SA, the company said.

Siemens Energy backed its guidance for the full year, saying it expects a nominal revenue growth rate in the range of 2% and 12%, and an adjusted earnings before interest, taxes and amortization margin between 3% and 5% before special items. It also sees a sharp increase in net income and a sharp decrease of free cash flow before tax.

The company said guidance assumes no further financial impact from the coronavirus pandemic during the fiscal year.

Write to Giulia Petroni at [e-mail]

(END) Dow Jones Newswires

02-02-21 0125ET