Siemens Energy: burdened by Siemens Gamesa costs

(CercleFinance.com) - Siemens Energy has reported sales of 7.
06 billion do for Q1 2023, above the consensus of 6.64 billion euros.

Meanwhile, orders reached 12.7 billion euros (again well above the consensus of 9.45 billion euros).

However, Siemens Energy points out that the strong underlying improvement in operating profit in its gas services, grid technology and industry transformation businesses was more than offset by charges related to Siemens Gamesa Renewable Energy, S.A., with higher than previously estimated warranty and maintenance costs.

As a result, Siemens Energy has reported a loss of 384 million euros well above the consensus, which was expecting a loss of 32 million euros.


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