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Net loss up at Siemens Energy

Siemens Energy announced Tuesday that its net loss for the first quarter more than doubled to 598 million euros. The loss is attributed in part to quality issues at Siemens Gamesa.

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Siemens Energy announced Tuesday that its net loss more than doubled in the first quarter, reaching 598 million euros. This result is worse than the 246 million euros recorded for the same period the previous year.

 

Charges related to problems at Siemens Gamesa

Siemens Energy’s difficulties are partly attributable to quality problems at Siemens Gamesa, for which the German firm plans to raise €1.5 billion to finance the full buyout of the wind power division.

To finance the takeover of Siemens Gamesa, Siemens Energy will ask shareholders at its annual general meeting on Tuesday to authorize the issuance of new shares in the future. The group’s shares fell 2.3% in pre-opening trading on Tuesday.

 

Record backlog

Despite the net loss, Siemens Energy can look forward to another record: the order backlog reached 98.8 billion euros at the end of December 2022. The group expects this backlog to translate into €22 billion in revenues in 2023, €21 billion in 2024 and €55 billion in 2025, with services accounting for more than half of the backlog.

 

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