Siemens Energy: Revises estimates for the year after losses in the second quarter

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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.

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The war in Ukraine has also hit revenue and profitability and exacerbated existing supply chain constraints.

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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.

Source: Capital

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