(RTTNews) – Germany’s Siemens Energy AG (SMEGF.PK SMNEY.PK) reported Tuesday that its first-quarter net loss widened to 598 million euros from last year’s loss of 246 million euros. Basic loss per share was 0.60 euro, compared to loss of 0.18 euro a year ago.
Loss before special items was 282 million euros, compared to loss of 69 million euros last year.
Revenue, however, grew 16 percent to 7.06 billion euros from last year’s 5.96 billion euros. Orders were 12.73 billion euros, up 49.2 percent from 8.33 billion euros last year.
Order backlog was 98.8 billion euros, compared to September 30, 2022 order backlog of 97.4 billion euros.
Looking ahead for fiscal 2023, Siemens Energy continues to expect comparable revenue growth, excluding currency translation and portfolio effects, in a range of 3 percent to 7 percent.
Further, the company said it had to adjust earnings and margin forecast due to certain charges at Siemens Gamesa Renewable Energy or SGRE.
Siemens Energy now expects Profit margin before Special items between 1 percent and 3 percent, compared to previously expected range of 2 percent to 4 percent.
Net loss for the year is now expected to be on prior fiscal year’s reported level. Previously, the company was projecting a sharp reduction of net loss compared to fiscal year 2022.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.