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Siemens Energy reports moderate drop in Q2 revenue

May 7, 2021
Companies
Posted by Patrick Haddad

Siemens Energy has reported a decrease in revenue by 4.4%, down to €6.5bn, for the second quarter of 2021, compared to €6.78bn in the same quarter of last year.

Total orders rose by 39.0% to €10.5bn, substantially above the prior-year quarter, driven by Siemens Gamesa Renewable Energy (SGRE), while the book-to-bill ratio (ratio of orders to revenue) was at 1.62, lifting order backlog to €84.2bn. 

Adjusted EBITA was €197m, sharply up from €88m in the prior-year quarter which was negatively impacted by the COVID-19 pandemic and project related matters, predominantly at SGRE.

The recent quarter showed a solid performance with an improved operational profitability. With special items totaling negative €91m, Adjusted EBITA before special items sharply increased to €288m with a margin of 4.4%. 

Net income was €31m up sharply after a loss in the prior-year quarter. Corresponding basic earnings per share (EPS) rose to €0.03. 

For fiscal year 2021, management confirms the profitability outlook of 3% to 5% for the Adjusted EBITA margin before special items, while narrowing the range of expected revenue growth for Siemens Energy overall and both segments individually. For Siemens Energy, the nominal revenue growth rate in fiscal year 2021 now is expected to be in a range of 3% to 8%, previously 2% to 12%.

„I am pleased with our solid second quarter results and that we are on track to reach our targets for the fiscal year despite a challenging environment. Our strong order intake proves our competitiveness especially of our sustainable portfolio elements.”, said Christian Bruch, President and Chief Executive Officer of Siemens Energy AG.

Source and image: Siemens Energy

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