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Siemens Energy net loss more than doubled due to renewable unit troubles

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Siemens Energy AG said Tuesday that its net loss more than doubled in the first quarter of fiscal 2023 as Siemens Gamesa Renewable Energy SA’s
SGRE,
+0.17%

operational troubles weighed on performance.

The German energy company
ENR,
-2.46%

registered a quarterly net loss of 598 million euros ($643.4 million) for the quarter ended Dec. 31, from a loss of EUR246 million in the same period a year previous.

As previously reported in preliminary results, revenue rose to EUR7.06 billion from EUR5.96 billion, while orders were up 49% on year organically at EUR12.73 billion. Order growth was mainly driven by a large grid connection order in Germany and strong demand in the U.S., the company said.

Siemens Energy reiterated that it expects profit margin before special items between 1% and 3% in fiscal 2023 and net loss to be in line with the prior fiscal year. Pretax free cash flow is expected to be positive.

Write to Giulia Petroni at giulia.petroni@wsj.com

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