Siemens Energy swung to profit in its first fiscal quarter on the back of a surge in orders and a one-off gain from selling a stake in its Indian affiliate to parent company Siemens .
The German renewables firm reported a 1.58 billion euro ($1.7 billion) net profit, driven by the sale of its 18% stake in India's Siemens Limited for 2.1 billion euros.
Siemens Energy posted a 23.9% year-on-year increase in orders to 15.4 billion euros, with a book-to-bill ratio of 2.01, pushing its order backlog to a record high of 118 billion euros.
Siemens Energy suffered a tough 2023, as problems with manufacturing faults at Siemens Gamesa forced the parent company to a 4.6 billion euro loss for the fiscal year.
"We have just shy of 42 billion in backlog in our Siemens Gamesa business — this is also a record order backlog.
Persons:
Siemens Gamesa, Maria Ferraro, Ferraro
Organizations:
Siemens Energy, Siemens, India's Siemens, Siemens Gamesa, CNBC