Siemens Energy, Gamesa Shares Fall on 2Q Challenges
2022年4月20日 - 5:21PM
Dow Jones News
By Cristina Roca
Shares in Siemens Energy AG and its wind-energy subsidiary
Siemens Gamesa Renewable Energy SA traded lower on Wednesday after
the companies said their second-quarter results were dragged by a
spate of challenges.
At 0750 GMT, shares in Germany's Siemens Energy were 4.9% lower
at EUR18.61, while Siemens Gamesa shares were down 1.9% at
EUR15.13.
Siemens Energy, which is 35% controlled by Siemens AG, swung to
an adjusted loss before interest, taxes, and amortization in the
quarter ended March 31, according to preliminary results released
late Tuesday.
It said it is reassessing its guidance after Madrid-listed
Siemens Gamesa, in which it controls 67%, scrapped its full-year
outlook.
Gamesa said late Tuesday that its second-quarter performance was
severely hit by product and execution issues.
The wind-turbine maker is seeing more headwinds from its 5X
platform ramp-up process as well as pressure on energy, commodities
and transportation costs, lack of availability of key turbine
components, and harbor congestions, Jefferies analysts said in a
note, describing Gamesa's results as frustrating.
Parent Siemens Energy said the war in Ukraine has also hit
revenue and profitability and aggravated existing supply-chain
constraints. It said it couldn't put a figure on the potential hit
for the remainder of its fiscal year amid uncertainty over
sanctions on Russia.
Write to Cristina Roca at cristina.roca@wsj.com
(END) Dow Jones Newswires
April 20, 2022 04:06 ET (08:06 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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