Siemens Energy: 'solid' quarter, but shares open lower
(CercleFinance.com) - Siemens Energy on Tuesday delivered a "solid" fiscal fourth quarter in a market environment that remains "challenging" and "uncertain" due to the coronavirus pandemic.
The German company - which reports earnings for the first time as a separately listed company - said adjusted EBITA before special items reached 70 million euros in the past quarter, representing a corresponding margin of just 0.9%.
Without special items of 402 million euros over the quarter, results would have been in line with last year's, the spin-off from Siemens said.
Revenue fell by 8% to 7.6 billion euros in the last quarter, primarily impacted by a decline in the gas and power segment, which is due to delays and postponed projects mainly due to the pandemic, it said.
Even so, Siemens Energy confirmed its guidance, repeating its outlook for fiscal year 2021, which includes nominal sales growth of between 2% and 12% and an adjusted EBITA margin of 3% to 5%, before special items.
Despite these comments, its shares were still down nearly 3% after the report in Frankfurt on Tuesday morning.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The German company - which reports earnings for the first time as a separately listed company - said adjusted EBITA before special items reached 70 million euros in the past quarter, representing a corresponding margin of just 0.9%.
Without special items of 402 million euros over the quarter, results would have been in line with last year's, the spin-off from Siemens said.
Revenue fell by 8% to 7.6 billion euros in the last quarter, primarily impacted by a decline in the gas and power segment, which is due to delays and postponed projects mainly due to the pandemic, it said.
Even so, Siemens Energy confirmed its guidance, repeating its outlook for fiscal year 2021, which includes nominal sales growth of between 2% and 12% and an adjusted EBITA margin of 3% to 5%, before special items.
Despite these comments, its shares were still down nearly 3% after the report in Frankfurt on Tuesday morning.
Copyright (c) 2020 CercleFinance.com. All rights reserved.