Cost cuts help Siemens Energy swing to first quarter core profit
FRANKFURT (Reuters) – Siemens Energy, which makes turbines for the power sector, on Sunday said it swung to a core profit in its fiscal first quarter, helped by cost cuts and unspecified temporary effects.
First-quarter adjusted earnings before interest, tax and amortisation (EBITA) before special items came in at 366 million euros ($445 million), the group said, compared with a 74 million loss in the year-earlier period.
In a statement outlining preliminary results, the group also confirmed its outlook, still expecting sales to rise by 2-12% in the year to September, while the margin on adjusted EBITA before special items is seen at 3-5%, up from a negative 0.1%.
Spun off from Siemens AG last year, Siemens Energy makes and services steam turbines for gas- and coal-fired power plants and also owns a 67% stake in Siemens Gamesa, the world’s second-largest maker of wind turbines.
New orders fell 26% to 7.4 billion euros in the first three months of the group’s fiscal year, while sales were up 2.6% at 6.5 billion euros.
Siemens Energy, in which Siemens AG owns 35% directly and 10% via its pension fund, will publish full results for the first quarter on Feb. 2. Siemens Gamesa is scheduled to report results on Jan. 29. ($1 = 0.8218 euros)
(Reporting by Christoph Steitz; Editing by Michael Nienaber and Alex Richardson)
More Top Stories
Join the RSBN team LIVE from CPAC 2021 in Orlando, FL for full coverage of all the action on the ground- see all of the …read more
Excerpts of former President Donald Trump’s speech to the Conservative Political Action Conference (CPAC) on Sunday suggest he will continue to push against the current …read more
California Rep. Devin Nunes, the top Republican on the House Intelligence Committee, said Sunday that newly declassified FBI documents show that a confidential source for …read more
CPAC attendees came out in support of President Trump ahead of Sunday’s highly-anticipated speech.read more
“All these authorities are pushing an agenda – it’s the same agenda, to decarbonize, deindustrialize, and disempower the Western world”read more
Facebook whistleblower Ryan Hartwig, who lifted the lid on the social media giant’s alleged pattern of bias and censorship against conservatives, told The Epoch Times’ …read more