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Inveting.com -- Siemens (ETR:SIEGn) Energy (ETR:ENR1n) on Wednesday reported a net profit of €697 million in its fiscal third quarter, reversing a loss of €102 million in the same period a year ago, driven by record order intake and double-digit revenue growth across most segments.
Revenue rose 13.5% on a comparable basis to €9.7 billion, up from €8.8 billion in the third quarter of fiscal 2024.
Profit before special items increased to €497 million from €49 million, while total profit, including €458 million in special items mainly related to the India demerger, climbed to €956 million, up from €119 million a year earlier.
Order intake reached €16.6 billion, the highest quarterly level in company history, marking a 64.6% increase on a comparable basis.
All business segments contributed to the growth, with Siemens Gamesa securing two major offshore wind contracts worth €3.3 billion.
The German company’s order backlog rose to €136 billion, despite a €4 billion currency headwind. The book-to-bill ratio stood at 1.70.
Free cash flow before tax declined to €419 million from €727 million, reflecting higher working capital needs and increased capital expenditures, especially at Siemens Gamesa. Net cash stood at €4.4 billion.
Gas Services posted €6.2 billion in orders, up 21.6%, with around half coming from the U.S. Revenue increased 16.7% to €3.1 billion.
Profit before special items more than doubled to €406 million. The segment’s book-to-bill ratio was 1.98, with an order backlog of €53 billion.
Grid Technologies reported orders of €4.2 billion, a 23.9% increase. Revenue rose 25.8% to €2.8 billion, while profit before special items jumped to €448 million from €237 million. Order backlog remained at €38 billion, with a book-to-bill ratio of 1.50.
Transformation of Industry recorded €1.36 billion in orders and revenue, up 23.4% and 6.1% respectively. Profit before special items rose to €157 million from €103 million. The segment’s order backlog stood at €8 billion.
Siemens Gamesa’s orders surged to €4.89 billion from €665 million a year ago. Revenue fell slightly to €2.5 billion, and losses before special items narrowed to €438 million from €446 million.
The segment’s profitability remained affected by offshore ramp-up costs, onshore quality issues, and U.S. tariffs.
Siemens Energy reaffirmed its full-year guidance, forecasting comparable revenue growth of 13% to 15% and a profit margin before special items between 4% and 6%. Net income is expected to reach up to €1 billion, excluding special items of approximately €500 million from the India demerger. Free cash flow before tax is projected at about €4 billion.
The company lifted its dividend restriction during the quarter after exiting the German federal Bund Back Guarantee.