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Siemens Energy Orders Hit Record Highs on U.S. Demand

Wall Street Journal US Business •
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A wave of demand for U.S. data centers propelled Siemens Energy’s orders to a record high, while profits more than tripled in its fiscal third quarter. The German maker of energy equipment said it benefited from surging global demand for electricity in the third fiscal quarter, with order intake bolstered by the U.S.

Overall orders were 17.93 billion euros, equivalent to $20.68 billion, growing over 8.5% on a comparable on-year basis. Orders also broadly surpassed analyst expectations compiled by Visible Alpha.

Siemens Energy’s gas-services orders grew sharply to 9.97 billion euros, comparably up 61.9% on year for the three months ended June. The segment had a massive boost from large orders related to data centers in the U.S., the company said. Power plants in the Middle East and Asia were also key drivers of growth.