Siemens Energy Q1 Financial Report

(Reuters) – Siemens Energy, the world’s largest offshore wind turbine manufacturer, reported a preliminary first-quarter revenue of 8.94 billion euros ($9.37 billion), marking an 18.4% increase on a comparable basis, slightly exceeding consensus estimates.

Key Figures

• Order Intake: 13.67 billion euros for the quarter, down 10.2% on a comparable basis but above consensus estimates.
• Preliminary Profit: 463 million euros in Q1.
• Forecast: Expects to exceed a pre-tax free cash flow guidance of up to 1 billion euros for fiscal 2025.

Recent Developments

In November, Siemens Energy raised its midterm outlook following a record order book and a narrower fourth-quarter loss. Despite facing significant challenges from quality issues in some wind turbines in 2023, which prompted reliance on state project guarantees, Siemens Energy has managed to:
– Sell assets
– Narrow losses in its wind division (Siemens Gamesa)
– Substantially grow its order book

The company’s shares more than tripled last year. On Monday, the Gamesa division reported preliminary revenue of 2.42 billion euros but also noted a loss before special items of 374 million euros.

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This story has been corrected to clarify that the firm expects to exceed the pre-tax free cash flow forecast for 2025, not total free cash flow.