Siemens Energy Posts Loss in Second Quarter

Frankfurt (dpa) – Germany’s Siemens Energy reported that its second quarter adjusted earnings before interest, taxes, and amortization (EBITA) was negative at €77 million ($81.3 million) due to a loss at Siemens Gamesa Renewable Energy (SGRE).

Adjusted EBITA before special items of Siemens Energy was negative €21 million. Net loss was €252 million euros compared to net income of €31 million last year. Basic loss per share was €0.22 compared to profit of €0.03.

Revenue was €6.6 billion, slightly down by 1.7% on a comparable basis. Orders came in 27.5% lower on a comparable basis.

“Gas and Power delivered a solid performance this quarter,” said Christian Bruch, chief executive of Siemens Energy. “Disappointing again is the performance of SGRE which is weighing heavily on Siemens Energy. The situation at SGRE has aggravated further since the last profit warning.”

The company now expects fiscal 2022 results towards the low end of the guidance ranges for comparable revenue development and adjusted EBITA margin before special items.

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