Business

Siemens Energy’s loss widens as Russia pulls out

Siemens Energy AG ENR,
-2.66%
said on Monday that its net loss widened in its fiscal third quarter, although it benefited from its gas and power segment as it suffered the impact of the poor performance of Siemens Gamesa Renewable Energy SA.

The German energy company said it posted a quarterly net loss of 390 million euros ($397 million) for the period ended June 30, up from a loss of 230 million euros a year earlier.

Adjusted loss before interest, taxes, depreciation and amortization was 429 million euros compared to a loss of 124 million euros in the same period last year.

Revenue for the quarter was 7.28 billion euros from 7.26 billion euros, while orders rose to 9.84 billion euros from 5.95 billion euros.

The company said it began restructuring its operations in Russia in the third quarter, resulting in a €200 million loss in gas and power. The activities are expected to be completed by the end of the fiscal year without any further material financial impact.

For the full fiscal year 2022, Siemens Energy expects a net loss due to the effects of the restructuring in Russia, which will exceed the loss of the previous year.

The company continues to expect to meet its gas and power and group-level guidance excluding the impact of revenue losses related to the Russian business.

Write to Giulia Petroni at giulia.petroni@wsj.com

https://www.marketwatch.com/story/siemens-energy-3q-rev-eur7-28b-271659936745?rss=1&siteid=rss Siemens Energy’s loss widens as Russia pulls out

Brian Lowry

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