Stock in Siemens Energy ENR19.38%increase; green up pointing triangle rose after the German energy company raised its midterm expectations and logged a new record for its order book and a narrower-than-expected fourth-quarter loss. Shares were up 20% at 46 ...

Shares in Siemens Energy jumped 20 per cent to a new all-time high on Wednesday, after the energy technology company raises its financial targets.

Siemens Energy on Tuesday raised its mid-term outlook as it reported a new record for its order book and a narrower fourth-quarter loss, benefiting from rising demand and an ongoing turnaround at its struggling wind turbine unit.

Siemens Energy AG raised its mid-term targets after demand for its grid technologies helped offset losses at its beleaguered wind-turbine division.

Siemens Energy has not proposed a dividend for the 2024 fiscal year, citing limitations to its payout policy as a result of obtaining project guarantees last year that are backed by the German government.

Siemens Energy AG’s shares surged the most on record after the company lifted its midterm targets, citing growing demand for its grid technologies that offset losses at its beleaguered wind-turbine division.

Siemens Energy on Wednesday said growth in annual fourth quarter revenue led to a pre-tax loss of €69 million ($73 million), significantly lower than that €647 million loss seen in last year's fourth quarter.