A trader walks next to Siemens Energy AG logos during Siemens Energy's initial public offering (IPO) at the Frankfurt Stock Exchange in Frankfurt, Germany, September 28, 2020. REUTERS/Ralph Orlowski/File Photo
Siemens Energy (ENR1n.DE), which supplies turbines to the power sector, on Wednesday lowered the upper end of its target range for 2021 sales, hurt by weaker-than-expected demand, project delays and the ongoing coronavirus crisis.
Revenues are now expected to grow 3-8% in the year to September, compared with a previous range of 2-12%. According to Refinitiv estimates, sales are expected to grow 6% to 29.1 billion euros ($35 billion).
The outlook cut comes less than a week after Siemens Gamesa (SGREN.MC), the world’s No. 1 maker of offshore wind turbines in which Siemens Energy owns 67%, warned of customers deferring projects and the ongoing impact of COVID-19 in India and Brazil.
Spun off from former parent Siemens AG (SIEGn.DE) last year, Siemens Energy has seen its shares rise by more than a fifth since its listing, boosted by cost cutting measures including the reduction of 7,800 jobs, or 8.5% of the total. read more
Orders rose by 39% in the second quarter, while sales fell 4.4%, the company said, adding operating profit — adjusted earnings before interest, tax and amortisation — more than doubled to 197 million euros.
($1 = 0.8319 euros)
Our Standards: The Thomson Reuters Trust Principles.
Source: https://www.reuters.com/business/energy/siemens-energy-lowers-top-end-2021-sales-outlook-2021-05-05/
Convenience retail is becoming an increasingly data-driven business, with operators balancing tight margins, shifting consumer…
As enterprises have moved more workloads into virtualised environments, the hypervisor has become a critical…
Rally Saudi Arabia will not form part of the 2026 FIA World Rally Championship due…
Outdoor footwear is increasingly expected to do more than perform on a trail. Consumers move…
The non-alcoholic beverage market is beginning to move beyond the simple promise of drinking less.…
For clean-energy technology companies, sustainability reporting is increasingly moving beyond a compliance exercise. Investors, customers…