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Record orders drive strong Q2 for Siemens Energy

STORY: Siemens Energy raised its revenue outlook on Monday (March 15).

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 analyst 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 U.S. 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 Gamesa 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.