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Siemens Energy swings to profit on order surge, sale of Indian stake - TL;DR CNBC

Siemens Energy swings to profit on order surge, sale of Indian stake

Publishing timestamp: 2024-02-07 08:59:03


Summary

Siemens Energy reported a net profit of 1.58 billion euros, driven by the sale of its stake in Siemens Limited. The company also saw a surge in orders and a one-off gain from selling its stake in its Indian affiliate. Revenue rose 12.6% and profit swung to positive. However, Siemens Energy suffered a tough year in 2023 due to quality issues at Siemens Gamesa. The company is working to rectify these issues and is optimistic about its order backlog and future growth in the grid technologies division.


Sentiment: POSITIVE

Tickers: SIE-DE

Keywords: investment strategyalternative and sustainable energysiemens agearningsbusiness newsbreaking news: investingenergy

Source: https://www.cnbc.com/2024/02/07/siemens-energy-swings-to-profit-on-order-surge-sale-of-indian-stake.html


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