Siemens Energy Says 1Q Adjusted Earnings Beat Expectations; Backs 2021 Outlook -- Update

--Siemens Energy's adjusted Ebita rose year-on-year, beating expectations and consensus

--Revenue rose year-on-year

--Order intake in the gas-and-power segment beat consensus but fell slightly year-on-year

By Cecilia Butini

Siemens Energy AG said late Sunday that its preliminary first-quarter adjusted earnings before interest, taxes and amortization came in higher than expected, and backed its outlook for fiscal year 2021.

The German energy company posted an adjusted Ebita of 243 million euros ($295.8 million) for the quarter ended Dec. 31, compared with minus EUR117 million the year prior, it said. The margin was 3.7%. A consensus provided by the company had adjusted Ebita at minus EUR26 million.

Siemens Energy said the quarter benefited from operational improvements driving lower costs, including positive temporary effects.

Adjusted Ebita before special items came in at EUR366 million, up from minus EUR74 million in the same quarter the previous year, reflecting a 5.6% margin, the company said.

Revenue came in at EUR6.54 billion, up from the same quarter a year prior, when it was EUR6.37 billion, it said. A consensus provided by the company saw revenue at EUR6.71 billion.

Siemens Energy's order intake was substantially below the high basis of comparison with the same quarter last year, reaching EUR7.43 billion compared with EUR10.03 billion the year prior, it said.

Adjusted Ebita at the company's gas-and-power segment rose to EUR191 million from EUR51 million a year prior, reflecting a 4.5% margin and beating a EUR14 million consensus, the company said.

Revenue for the segment fell slightly on year to EUR4.29 billion from EUR4.42 billion. Order intake for gas and power came in at EUR5.17 billion for the quarter, slightly down from EUR5.43 billion the previous year but beating a EUR4.62 billion consensus provided by the company.

Siemens Energy is due to release full earnings for the first quarter on Feb. 2.

Write to Cecilia Butini at [e-mail]

(END) Dow Jones Newswires

January 25, 2021 03:40 ET (08:40 GMT)

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