Siemens Energy, which supplies equipment and services to the power sector, posted forecast-beating second-quarter sales and lifted its revenue outlook, as strong demand pushed the firm's order book past the $110 billion mark
Sales in the January-March quarter were up 24% at 8 billion euros, beating the 7.4 billion Refinitiv estimate and spurring the group to now expect revenues to grow 10%-12% this year, up from 3%-7% previously.
Shares in the company, which makes and maintains gas and wind turbines as well as converter stations, rose to their highest level since January 2022, and were up 3.5% at 1005 GMT, with Jefferies keeping a "buy" rating on the stock. Bruch pointed to the positive environment for energy technology in the wake of favourable legislation in the United States and Europe, including the Inflation Reduction Act.
He said the company was looking to extend some of its existing facilities in the U.S., adding these may not necessarily be massive investments but require local support.
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