A positive surprise for investors: The energy technology company Siemens Energy performed better than expected in the first quarter. The revenue increased by 12.6 percent to 7.65 billion euros, excluding currency conversion and portfolio effects, while the order intake increased by 23.9 percent to 15.38 billion euros.
Reasons for these positive figures, according to the company announcement, are among others project delays within the quarter as well as a consistently positive market dynamics in the Gas Services, Grid Technologies, and Transformation of Industry business sectors. Despite project delays in the plant construction throughout the year, which are not unusual, Siemens Energy remains optimistic and maintains its forecast for the current fiscal year.
The strong increase in order intake can also be attributed to the performance of the wind power subsidiary Gamesa, which, however, did not fully convince. While sales were able to increase slightly and exceeded market expectations, the order intake was disappointing and the result remained in the negative range.
Despite these developments, investors reacted positively to the quarterly figures. The Siemens Energy share increased by 1.85 percent on the Tradegate trading platform compared to the XETRA closing price and was traded at 12.65 euros.
Exceeding market forecasts and a continued positive outlook - the market environment remains promising overall, according to the company's statement. In the first quarter of 2024, Siemens Energy achieved a result before special effects of plus 208 million euros, compared to minus 282 million euros in the same period of the previous year.
Experts had anticipated another loss, which is why this positive development is creating additional optimism among investors.
The quarterly figures of Siemens Energy also reflect the positive dynamics in the entire energy technology industry. The company is well positioned with its business areas Gas Services, Grid Technologies, and Transformation of Industry to benefit from future developments in the market.
Overall, Siemens Energy can therefore hope for a successful fiscal year and investors can look forward to solid performance and positive future prospects.
