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.
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.
Don't miss out on any breaking news or insightful opinions!
Subscribe to our free newsletter and stay updated on the go!
By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email.
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)
