Germany's energy technology company Siemens Energy reported a profit in its first quarter.
The company's first quarter net income attributable to shareholders was €1.6 billion ($1.7 billion) or €1.78 per share compared to a loss of €473 million or €0.60 per share in the prior year.
Prior year results hurt by quality related charges at Siemens Gamesa.
Quarterly revenue grew to €7.7 billion from €7.06 billion in the prior year.
Revenue was up 12.6% on a comparable basis. While all segments contributed to growth, the increase was particularly strong at Grid Technologies, the company said.
The company confirmed its outlook for fiscal year 2024. It expects a comparable revenue growth, excluding currency translation and portfolio effects, in a range of 3% to 7% and a profit margin before special items between negative 2% and positive 1%.
Furthermore, it expects a net income of up to €1 billion including impacts from disposals and the acceleration of the portfolio transformation.
