Siemens Energy announced that it is re-evaluating its estimates for the whole year after the publication of losses in the second quarter, along with the profit warning for its subsidiary, Siemens Gamesa Renewable Energy.
The war in Ukraine has also hit revenue and profitability and exacerbated existing supply chain constraints.
In the preliminary results, the German energy company (of which 35% is owned by Siemens), showed adjusted EBITA losses in the quarter, amounting to 77 million Euros, compared to the profits of 197 million Euros a year ago.
Estimates spoke of adjusted EBITA 31 million Euros.
New orders from Siemens Energy fell 27.5% year on year to 10.52 billion euros, and revenue fell 1.7% to 6.58 billion euros.
Because of Gamesa, Siemens Energy’s management is reassessing the company’s estimates for the year. Siemens Energy controls 67% of Games.
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