Gas-services orders rose 61.9% to 9.97 billion euros in the quarter
Profit before special items more than tripled from a year earlier to 1.62 billion euros in Siemens Energy’s fiscal third quarter. The key profitability metric’s margin was 14.2%, the company said.
Revenue also reached a record high of 11.45 billion euros in the quarter, compared with 9.75 billion euros in the same period last year. The result surpassed analyst estimates of 11.25 billion euros compiled by Visible Alpha.
Total orders hit a record 17.93 billion euros, equivalent to $20.68 billion, growing more than 8.5% on a comparable year-over-year basis for the three months ended in June. The order intake also broadly surpassed analyst expectations compiled by Visible Alpha.
Gas-services orders grew sharply to 9.97 billion euros, comparably up 61.9% on year. The company said the segment received a large boost from orders related to data centers in the U.S., and that power plants in the Middle East and Asia were also key drivers of growth.
The segment’s momentum, however, did not quite match the upside surprises its reporting peers have shown, analysts at RBC Capital Markets said in a note.
Siemens Energy said it expects to come in at the higher end of its full fiscal-year guidance for profit margin before special items, which it said in May would be between 10% and 12%. Shares rose around 4% in early morning European trade.