By Christoph Steitz and Tom Käckenhoff
FRANKFURT/DUESSELDORF, Feb 11 (Reuters) – Siemens Energy on Wednesday said net profit nearly tripled in the first three months of its fiscal year, boosted by AI-driven demand for gas turbines and grid equipment as well as a narrower loss at its struggling wind division.
The results reflect robust demand for large gas turbines and grid technology, both critical for the global build-out of data centres to power AI technology, as well as an improved performance at wind turbine maker Siemens Gamesa.
The AI boom has helped increase Siemens Energy’s stock more than ten-fold over the past two years, giving it a market value of 130 billion euros ($155 billion).
“Sustained high demand in our gas turbines and grid technologies businesses is making a significant contribution to overall performance,” Chief Executive Christian Bruch said.
“Also in the wind business, there are early signs of a modest improvement.”
Shares of the company, now Germany’s sixth most valuable listed firm, were indicated to open 4.3% higher in pre-market trading.
Net profit for the quarter ending December came in at 746 million euros ($889 million), up from 252 million a year earlier, beating the 732 million forecast in an LSEG analyst poll.
Siemens Gamesa, which has been plagued by quality issues, narrowed its operating loss to 46 million euros, compared with 374 million in the same period last year, helped by improved productivity.
($1 = 0.8389 euros)
(Reporting by Christoph Steitz in Frankfurt and Tom Kaeckenhoff in Duesseldorf; Editing by Matthew Lewis, Ludwig Burger and Thomas Derpinghaus)
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