Emmanuel Addeh in Abuja
Siemens Energy, which supplies equipment and services to the power sector, posted forecast-beating second-quarter sales and lifted its revenue outlook, as strong demand pushed the firm’s order book past the 100 billion euro ($110 billion) mark.
Sales in the January-March quarter were up 24 per cent at 8 billion euros, beating the 7.4 billion Refinitiv estimate and spurring the group to now expect revenues to grow 10-12 per cent this year, up from 3-7 per cent previously, Reuters reported.
“Strong orders confirm our very good positioning in the markets for energy transition technologies, such as power generation and transmission,” Chief Executive Christian Bruch said.
Shares in the company, which makes and maintains gas and wind turbines as well as converter stations, rose to their highest level since January 2022, and were up 3.5 per cent.
At 102 billion euros, the group’s order backlog hit a fresh high at the end of March, boosted by its gas services and grid technologies units as well as its struggling wind turbine division Siemens Gamesa.
