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 strategy, alternative and sustainable energy, siemens ag, earnings, business news, breaking news: investing, energy,