Energy
Siemens Energy Raises Targets Again on Electricity Demand
- Company boosts cash flow target on grid, gas unit revenue
- Wind turbine unit restructuring ongoing, orders fall
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Siemens Energy AG increased its cash flow outlook after demand for grid technologies and gas services swelled, propping up turnaround plans for the beleaguered wind-turbine division.
The industrial company now expects pre-tax cash flow of as much as €1.5 billion ($1.6 billion) during fiscal 2024, up from as high as €1 billion, it said Wednesday. Siemens Energy said orders for gas services more than doubled as electricity demand rises, driving the backlog of contracts to a record even as a partial sale pause in the wind unit dragged.