Siemens Energy on Track for First Annual Profit in Its Short History
Munich, Germany - Siemens Energy is on track for the first annual profit in its short history.
Although the company reported a loss for the past year, it expects to turn a profit in the current fiscal year.
Siemens Energy, which was spun off from Siemens AG in September 2020, has been struggling to turn a profit. The company has been hit by the COVID-19 pandemic, which has led to a decline in demand for its products and services.
However, Siemens Energy is now seeing signs of improvement. The company's order backlog has increased in recent months, and it is expecting to benefit from the growing demand for renewable energy.
Siemens Energy CEO Christian Bruch said that the company is "on track to achieve our first annual profit in fiscal 2023." He added that the company is "well-positioned to benefit from the global energy transition."
Analysts are also optimistic about Siemens Energy's prospects. A recent survey by Bloomberg found that analysts expect the company to report a profit of €1.2 billion in fiscal 2023.
The news of Siemens Energy's turnaround is a positive sign for the company and its investors. The company has been struggling in recent years, but it now appears to be on the right track.
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