Germany’s Siemens Energy posts loss in 2nd quarter

Germany’s Siemens Energy reported that its second-quarter adjusted earnings before interest, taxes, and amortisation (EBITA) were negative at 77 million euros (81.3 million dollars).

The earnings were negative at 77 million euros due to a loss at Siemens Gamesa Renewable Energy (SGRE).

Adjusted EBITA before special items of Siemens Energy was negative 21 million euros.

Net loss was 252 million euros compared to net income of 31 million euros last year.

The basic loss per share was 0.22 euros compared to a profit of 0.03 euros.

Revenue was 6.6 billion euros, slightly down by 1.7 per cent on a comparable basis.

Orders came in 27.5 per cent lower on a comparable basis.

“Gas and Power delivered a solid performance this quarter,’’ said Christian Bruch, chief executive of Siemens Energy.

“Disappointing again was the performance of SGRE which weighed heavily on Siemens Energy.

“The situation at SGRE has aggravated further since the last profit warning,’’ he added.

The company expected fiscal 2022 results towards the low end of the guidance ranges for comparable revenue development and adjusted EBITA margin before special items.