by Giulia Petroni
Shares of Siemens Energy AG rose on Wednesday after the company reported solid results for its fiscal fourth quarter despite operational challenges affecting performance.
At 1105 GMT, shares were up 6.3% at EUR15.40.
The German energy player recorded orders worth 12.23 billion euros ($12.66 billion) in the quarter, which was 24% ahead of the company’s compiled consensus. Analysts said revenue came in 7% above expectations, while net income was ahead 45%.
“Naturally, the currently thin margins and volatility in Siemens Gamesa Renewable Energy SA make Beats more dominant in percentage terms,” Berenberg said in a research note.
Siemens Energy owns 67% of Siemens Gamesa and has launched a takeover bid to acquire the rest in an effort to allow the troubled wind-turbine maker to address its challenges after several profit warnings.
The German company’s guidance for fiscal 2023 has been greeted positively, according to analysts, in addition to Siemens Energy’s expectation of negative free cash flow within the low- to mid-triple-digit million range, which is expected to attract investors. will be a major focus for
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