Siemens Energy beats Q3 forecasts on AI data centre boom, Middle East demand
GEV•Record third-quarter sales, margins and orders
FRANKFURT, Aug. 5 (Reuters) - Siemens Energy's sales, margins and orders hit a record in the third quarter, it said on Wednesday, boosted by the expansion of AI data centres in the United States and power plants in the Middle East that have fanned demand for its gas turbines.
Siemens Gamesa returns to quarterly operating profit
Its struggling Siemens Gamesa division, long a millstone around the German group's neck, made its first quarterly operating profit in nearly four years, Siemens Energy said, citing cost cuts and higher capacity utilisation.
"The fact that our wind business has returned to profitability in a quarter for the first time since 2022 is a fantastic achievement by this team," Siemens Energy CEO Christian Bruch said in a statement.
Data centre and Middle East demand also lifting peers
Alongside U.S. rival GE Vernova, Siemens Energy has seen its shares rise nearly seven-fold over the past two years, helped by soaring demand for its gas turbines and grid equipment that help power data centres needed for AI technology.
In addition, the Iran war has stoked demand for power equipment among Middle East governments, eager to secure power supply as the conflict lays bare the vulnerability of energy infrastructure.
GE Vernova, Siemens Energy's closest peer in terms of products, last month also cited rising orders related to data centres as the main driver of quarterly results, but said it suffered from losses at its wind business.
