Business & Investment

Cost savings turn Siemens Energy into core profits for the first quarter

© Reuters.Siemens Energy AG will start trading after IPO

Frankfurt (Reuters)-Siemens Energy, which manufactures turbines for the power sector, said on Sunday that it turned to core profits in the first quarter, supported by cost savings and unspecified temporary impacts.

According to the group, first-quarter interest, taxes and adjusted earnings before amortization (EBITA) were € 366 million ($ 445 million), compared with a loss of € 74 million in the year-ago quarter.

In a statement outlining the preliminary results, the group also confirmed the outlook and expects sales for the year to September to increase by 2-12%, but the adjusted EBITA margin before special items is 3-5%, minus 0.1%.

Siemens Energy spun off from Siemens AG (OTC :) last year to manufacture and service steam turbines for gas and coal-fired power plants. It also owns a 67% stake in Siemens Gamesa, the world’s second largest manufacturer of wind turbines.

New orders in the first three months of the Group’s fiscal year were down 26% to € 7.4 billion, while sales were up 2.6% to € 6.5 billion.

Siemens Energy, which owns 35% directly from Siemens AG and 10% through a pension fund, will announce the full results for the first quarter on February 2. Siemens Gamesa will report the results on January 29th. ($ 1 = 0.8218 euros)

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Cost savings turn Siemens Energy into core profits for the first quarter

https://www.investing.com/news/stock-market-news/cost-cuts-help-siemens-energy-swing-to-first-quarter-core-profit-2397184 Cost savings turn Siemens Energy into core profits for the first quarter

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