[ad_1]
FRANKFURT (Reuters) – Siemens Energy, which manufactures turbines for the power industry, said on Sunday it had reached basic profit in its first fiscal quarter, helped by cost cuts and unspecified temporary effects.
Adjusted first-quarter profit before interest, taxes, depreciation and amortization (EBITA) before special items was 366 million euros ($ 445 million), the group said, compared to a loss of 74 million the previous year. .
In a press release describing the preliminary results, the group also confirmed its outlook, still forecasting an increase in sales of 2 to 12% year-on-year through September, while the margin on adjusted EBITA before special items is 3 at 5%, against a negative 0.1%.
Coming from Siemens AG last year, Siemens Energy manufactures and services steam turbines for gas and coal-fired power plants and also owns a 67% stake in Siemens Gamesa, the world’s second-largest manufacturer of wind turbines.
New orders fell 26% to 7.4 billion euros in the first three months of the group’s fiscal year, while sales were up 2.6% to 6.5 billion euros.
Siemens Energy, of which Siemens AG owns 35% directly and 10% through its pension fund, will release full first quarter results on February 2. Siemens Gamesa is expected to publish its results on January 29 ($ 1 = 0.8218 euro)
Reporting by Christoph Steitz; Editing by Michael Nienaber and Alex Richardson
Source link
