By Giulia Petroni

Siemens Energy AG said Tuesday that it swung to a loss for the fourth quarter of the year, but confirmed its fiscal 2021 guidance.

The German energy company reported a net loss of 390 million euros ($460.8 million) compared with a profit of EUR79 million for the previous-year period.

Revenue fell 8% on year to EUR7.63 billion, while orders decreased 24% on year to EUR6.99 billion mainly due to postponed orders in the gas and power segment during the coronavirus pandemic, the company said.

Siemens Energy said it was able to achieve its goals for fiscal 2020 in spite of a challenging market environment, and confirmed its guidance for fiscal 2021. This includes a nominal revenue performance of between 2% and 12% and an adjusted earnings before interest, taxes and amortization margin between 3% and 5% before special items.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

November 10, 2020 01:35 ET (06:35 GMT)

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