Germany's Siemens Energy announced a larger loss for the third quarter, citing a decline at Spanish-German wind engineering company Siemens Gamesa Renewable Energy.
Siemens Energy said its third quarter net loss attributable to shareholders had widened to €390 million or €0.54 per share, from €230 million or €0.32 per share in the prior year.
Revenue of €7.3 billion was down by 4.7% on a comparable basis as growth at Gas and Power segment was more than offset by a decline at Siemens Gamesa Renewable Energy.
Siemens Energy's net loss in fiscal year 2022 is expected to exceed the prior year's net loss due to the impact of the restructuring of business in Russia reported as special item, the company said on Monday.
For the fiscal year 2022, Siemens Energy expects results still towards the low end of the guidance ranges for comparable revenue development of negative 2% to positive 3% but excluding Russia-related effects.
The company still expects to achieve its outlook given for Gas and Power, excluding effects from lost revenue in connection with business in Russia for comparable revenue growth.
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