Record orders drive strong second quarter for Siemens Energy

Siemens Energy raised its revenue outlook on Monday. It comes after the company's second quarter sales beat forecasts. From January to March, sales were up just under a quarter to $8.7 billion, well ahead of analysts' projections. The group now expects revenues to grow by at least a tenth this year, up from a previous high forecast of 7%. Strong Demand helped the firm's order book push past $110 billion in the second quarter. CEO Christian Bruch said this was the largest order book the company had ever had.

He credited the positive environment for energy technology helped by new legislation in the US and Europe. Siemens Energy said this led to a 56% order increase in the second quarter. It wasn't all positive though as the company's profits were still hit by issues at its wind turbine division. Supply chain issues and loss-making contracts at the Siemens-Germesa unit saw the division lose $406 million during the quarter. Overall, Siemens Energy still made a second quarter profit before special items of $44 million compared to a $53 million loss last year. Siemens Energy shares rose more than 3% after the update.

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