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Siemens Energy Posts Loss In Q2; Revenue Down 1.7% On Comparable Basis

Siemens Energy (SMEGF.PK SMNEY.PK) reported that its second quarter adjusted EBITA was negative at 77 million euros compared to positive adjusted EBITA of 197 million euros, prior year, due to the loss at Siemens Gamesa Renewable Energy. Adjusted EBITA before special items of Siemens Energy was negative 21 million euros compared to positive adjusted EBITA before special items of 288 million euros.

Net loss was 252 million euros compared to net income of 31 million euros, last year. Basic loss per share was 0.22 euros compared to profit of 0.03 euros.

Revenue was 6.6 billion euros, slightly down by 1.7% on a comparable basis. Orders came in 27.5% lower on a comparable basis.

"Gas and Power delivered a solid performance this quarter. The segment delivered a solid operating result and a strong order intake despite first impacts of the sanctions against Russia and increasing supply chains constraints. Disappointing again is the performance of SGRE which is weighing heavily on Siemens Energy. The situation at SGRE has aggravated further since the last profit warning," said Christian Bruch, President and CEO of Siemens Energy AG.

The company now expects fiscal 2022 results towards the low end of the guidance ranges
for comparable revenue development and adjusted EBITA margin before special items.

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