Siemens Energy, the German energy company, announced that it has turned a profit in the first quarter of fiscal 2024 due to a significant increase in orders driven by favorable energy market trends. The company reported a net income of €1.55 billion ($1.67 billion) for the quarter ended December 31, a considerable improvement from the €473 million loss recorded in the same period last year.
In line with the announcement made in January, Siemens Energy achieved a 13% growth in first-quarter revenue, reaching €7.65 billion on a comparable basis. Additionally, orders also experienced a substantial increase of 24% on a comparable basis, amounting to €15.38 billion.
Siemens Energy's order backlog currently stands at a strong €118 billion, indicating a solid pipeline of future business.
Highlighting their commitment to addressing quality issues within their onshore wind business and capitalizing on growth opportunities throughout the organization, Chief Executive Christian Bruch stated that Siemens Energy remains focused on these areas.
Looking ahead, Siemens Energy reaffirmed their outlook for the remainder of the fiscal year, expecting comparable revenue growth of 3% to 7% and a pre-special-item profit margin between negative 2% and positive 1% until September 30.