Siemens Energy AG said Tuesday that its net loss more than doubled in the first quarter of fiscal 2023 as Siemens Gamesa Renewable Energy SA’s SGRE, +0.17% operational troubles weighed on performance.
The German energy company ENR, -2.46% registered a quarterly net loss of 598 million euros ($ 643.4 million) for the quarter ended Dec. 31, from a loss of EUR246 million in the same period a year previous.
As previously reported in preliminary results, revenue rose to EUR7.06 billion from EUR5.96 billion, while orders were up 49% on year organically at EUR12.73 billion. Order growth was mainly driven by a large grid connection order in Germany and strong demand in the U.S., the company said.
Siemens Energy reiterated that it expects profit margin before special items between 1% and 3% in fiscal 2023 and net loss to be in line with the prior fiscal year. Pretax free cash flow is expected to be positive.
Write to Giulia Petroni at giulia.petroni@wsj.com