Siemens Gamesa drags down majority shareholder

Despite better sales than expected in the gas business, Siemens Energy downgrades its full-year guidance in the wake of Siemens Gamesa’s announcement of potentially massive losses in 2022.

Photo: Siemens Energy/Lennart Preiss Photography

Misfortunes seldom come singly. Siemens Gamesa’s announced downgrade of its full-year guidance following earnings before interests and taxes of negative EUR 309m in the last three months of 2021 prompts the majority owner to follow suit. The owner of a 67-percent share in the turbine maker, Siemens Energy, similarly lowers its expectations for earnings before interests, taxes and amortizations, which range between negative 2 to 3 percent against negative 1 to 3 percent.

Although this is slightly more negative, Siemens Energy’s outlook for the full year is less gloomy than that of Siemens Gamesa. The operating margin is expected to land somewhere between 1 percent and negative 4 percent when the accounts for the staggered financial year are unveiled in late October.

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