Our website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Home Headlines Siemens Energy raises free cash flow outlook after solid Q3

Siemens Energy raises free cash flow outlook after solid Q3

by Uma
0 comments
2024 08 07T051225Z 1 LYNXMPEK76056 RTROPTP 4 GLOBAL LNG

 

FRANKFURT (Reuters) -Siemens Energy on Wednesday raised its free cash flow outlook for the second time in three months, citing stronger demand for its power grid technology and gas turbines that helped it report higher-than-expected quarterly revenues.

The company, which provides equipment and services to the utility sector, is recovering from a crisis at its wind turbine division that caused it to seek help from the German government last year in the form of project guarantees.

“The rapidly growing electricity market requires a wide range of our products. Especially our grid and gas turbine businesses are benefiting from this momentum,” CEO Christian Bruch said in a statement.

@media(max-width:767px){ .single-post .penci-single-block .container.penci_sidebar:not(.two-sidebar) #main { width: 100% !important; } }

The company said it now expects free cash flow before tax of 1.0 billion to 1.5 billion euros ($1.1-$1.6 billion) in 2024, having previously forecast up to 1.0 billion.

Third-quarter sales rose 18.5% to 8.8 billion euros, beating the 8.6 billion LSEG analyst consensus.

($1 = 0.9164 euros)

(Reporting by Christoph Steitz; Editing by Marguerita Choy and Ludwig Burger)

@media(max-width:767px){ .single-post .penci-single-block .container.penci_sidebar:not(.two-sidebar) #main { width: 100% !important; } }

 

Recent Post