Siemens Energy AG said Tuesday that its net loss more than doubled in the first quarter of fiscal 2023 as Siemens Gamesa Renewable Energy SA’s
SGRE,
operational troubles weighed on performance.
The German energy company
ENR,
registered a quarterly net loss of 598 million euros ($643.4 million) for the quarter ended Dec. 31, from a loss of EUR246 million in the same period a year previous.
As previously reported in preliminary results, revenue rose to EUR7.06 billion from EUR5.96 billion, while orders were up 49% on year organically at EUR12.73 billion. Order growth was mainly driven by a large grid connection order in Germany and strong demand in the U.S., the company said.
Siemens Energy reiterated that it expects profit margin before special items between 1% and 3% in fiscal 2023 and net loss to be in line with the prior fiscal year. Pretax free cash flow is expected to be positive.
Write to Giulia Petroni at giulia.petroni@wsj.com
Credit: marketwatch.com