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Siemens Energy loss widens amid Russia withdrawal

Siemens Energy AG
ENR,
+0.51%

said Monday that its net loss widened in the third quarter of its fiscal year despite benefiting from its gas-and-power segment, as it suffered the impact of Siemens Gamesa Renewable Energy SA’s poor performance.

The German energy company said it registered a quarterly net loss of 390 million euros ($397 million) in the period ended June 30 from a loss of EUR230 million the prior year.

The adjusted loss before interest, taxes and amortization was EUR429 million from a loss of EUR124 million in the year-earlier period.

Revenue came in at EUR7.28 billion in the quarter from EUR7.26 billion, while orders rose to EUR9.84 billion from EUR5.95 billion.

The company said it started the restructuring of its activities in Russia in the third quarter, which led to a loss of EUR200 million in gas and power. The activities are expected to be concluded by the end of the fiscal year without a further significant financial impact.

For the whole of fiscal 2022, Siemens Energy said it expects net loss to exceed the prior year’s loss due to the impact of the restructuring in Russia.

The company still expects to achieve its outlook for gas and power and at the group level, excluding the effects of lost revenue in relation to business in Russia.

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Write to Giulia Petroni at [email protected]

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