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 firstname.lastname@example.org
(END) Dow Jones Newswires
February 02, 2021 01:25 ET (06:25 GMT)
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Dow Jones – Siemens Energy Swung to Profit in 1Q; Backs Fiscal Year 2021 Outlook