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Siemens Energy: reduces annual targets

( - After reducing the forecast for its wind turbine subsidiary, Siemens Gamesa, Siemens Energy has announced a reduction in its targets for FY 2022-23 - at group level - on the occasion of its quarterly publication.

The German group now expects a net loss of around E4.5bn, a profit (loss) margin before exceptional items of between -10% and -8%, and LFL revenue growth of between 9% and 11%.

In its Q3, the power plant manufacturer posted a net loss of E2.93bn, up from E564m a year earlier, while its profit (loss) margin excluding exceptional items deteriorated from -3% to -27.3%.

At E7.51bn, Siemens Energy's revenues were up 8% on a comparable basis, although its order intake almost doubled to just under E14.9bn (+54.2%), mainly thanks to a higher volume of large orders.

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