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Siemens Energy swings to profit

Siemens Energy AG said Wednesday that it swung to a profit in the second quarter and narrowed its range of expected revenue growth for the full year due to improved visibility.

The German energy company reported a quarterly net profit of 31 million euros ($37.2 million), compared with a loss of EUR142 million in the previous-year period.

Adjusted earnings before interest, taxes and amortization came in at EUR197 million from EUR88 million.

Revenue decreased 4.4% on year to EUR6.48 billion, while orders were up 39% to EUR10.52 billion driven by Siemens Gamesa Renewable Energy, which offset a decrease at gas and power.

Looking at the full year, Siemens Energy said it confirms the outlook for the adjusted EBITA margin before special items of 3% to 5%.

At group level, nominal revenue growth is now seen between 3% and 8% from a previously forecasted range of 2% to 12%.

For the gas and power segment, nominal revenue growth is expected in the range of 2% to 6%, while for SGRE it is seen in the range of 8% to 11%.

The outlook excludes charges related to legal and regulatory matters.

Write to Giulia Petroni at [email protected]

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