Siemens Energy Turns To Profit In Q4; Sees Sharp Reduction In FY23 Loss

Germany's Siemens Energy AG (SMEGF.PK SMNEY.PK) reported Wednesday that its fourth-quarter net income was 378 million euros, compared to last year's loss of 383 million euros.

Basic earnings per share were 0.36 euro, ompared to loss of 0.43 euro a year ago.

Adjusted EBITA before special items at Siemens Energy amounted to 594 million euros, compared to negative 46 million euros a year ago.

Revenue increased to 9.18 billion euros from prior year's 8.20 billion euros, with growth in both segments. Revenues increased 5.9 percent on a comparable basis

Siemens Gamesa's revenue rose strongly due to disposals.

Orders were 12.23 billion euros, a growth of 27.4 percent on a comparable basis.

Due to the widening loss, and the challenges facing the company now and in the coming year, the executive board of Siemens Energy will suggest to the Supervisory Board not to propose a dividend for 2022 at its annual shareholder meeting in February 2023.

Looking ahead for fiscal 2023, Siemens Energy expects a sharp reduction of net loss compared to last year's loss of 647 million euros.

Siemens Energy overall expects comparable revenue growth in a range of 3 percent to 7 percent, compared to a decrease of 2.5 percent last year, and a profit margin before special items of 2 percent to 4 percent, compared to last year's margin of 1.2 percent.

Starting in the 2023 fiscal year, Siemens Energy is working in a new operating structure. Adjusted EBITA was replaced by Profit, which now excludes the financial result from operations.

Siemens Energy will publish its complete Annual Report on December 12.

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