From CNBC:

Siemens Energy reported a net profit of 1.58 billion euros in its first fiscal quarter, driven by the sale of its 18% stake in India’s Siemens Limited for 2.1 billion euros. Orders surged 23.9% year-on-year to 15.4 billion euros, with a record order backlog of 118 billion euros. Revenue rose 12.6% to 7.6 billion euros, fueled by strong performance in the grid technologies division.

The company’s profit before special items turned positive at 208 million euros, a significant improvement from the loss of 282 million euros in the same period last year. However, Siemens Energy reported negative free cash flow of 283 million euros, primarily due to issues at its subsidiary, Siemens Gamesa.

Siemens Energy faced challenges in 2023, with quality-related charges and ongoing manufacturing faults at Siemens Gamesa leading to a 4.6 billion euro loss for the fiscal year. An investigation into these issues is underway. Despite this, Chief Financial Officer Maria Ferraro remains optimistic, expressing satisfaction with the momentum and strong order intake across the company’s businesses.

The grid technologies division saw a 32.9% increase in orders to 8.24 billion euros, with potential for continued positive momentum. Ferraro emphasized that the business is well-positioned to benefit from global green energy initiatives, anticipating further progress throughout the fiscal year.



Read more: Siemens Energy swings to profit on order surge, sale of Indian stake