BERLIN (dpa-AFX) - Germany's Siemens Energy AG (SMEGF.PK, SMNEY.PK) reported Wednesday that its second-quarter net income was 108 million euros, compared to last year's net loss of 189 million euros.
Basic earnings per share were 0.08 euro, compared to prior year's loss of 0.25 euro.
The latest results included positive 331 million euros, driven by pre-tax gains from the sale of businesses related to the ongoing progress on disposals and accelerated portfolio transformation.
Siemens Energy's profit before special items was 170 million euros, higher than 41 million euros a year ago.
Revenue increased to 8.28 billion euros from last year's 8.03 billion euros. Revenue grew 3.7 percent on a comparable basis with substantial and significant growth at Grid Technologies and Transformation of Industry, respectively.
Further, the company raised its fiscal 2024 outlook, citing the strong business performance in the first half-year.
Siemens Energy now expects a comparable revenue growth between 10 percent and 12 percent, compared to previously expected growth between 3 percent and 7 percent. Profit margin before special items would be between negative 1 percent and positive 1 percent, while previous view was between negative 2 percent and positive 1 percent.
The outlook for Siemens Energy's net income remains unchanged at up to 1 billion euros.
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