
Siemens Energy has reported a significant turnaround in its financial performance for the first quarter, posting a net profit of 1.58 billion euros ($1.7 billion). This positive outcome is attributed to a one-off gain associated with the sale of an Indian affiliate to its former parent company, Siemens AG.
Christian Bruch, CEO of Siemens Energy, expressed optimism about the company's performance, highlighting the solid first-quarter results amidst ongoing market dynamics. He emphasized the company's commitment to addressing quality issues in its onshore wind business while capitalizing on growth opportunities across other segments.
Despite challenges in the onshore wind sector, Siemens Energy revealed a new record for its order backlog, reaching 118 billion euros. The company is actively working to resolve equipment quality concerns, with the government providing support for crucial project guarantees.
As part of its strategic initiatives, Siemens Energy agreed to sell an 18% stake in India's Siemens Ltd to Siemens AG for 2.1 billion euros. This move underscores the company's efforts to streamline operations and bolster financial resilience.
Shares in Siemens Energy have shown a strong performance, gaining 19% year-to-date, outpacing the broader market index. This positive momentum reflects investor confidence in the company's strategic direction and financial outlook.
Source: Reuters