On Wednesday, shares in Siemens Energy AG (ETR:ENR1n) leapt by more than 6 per cent after the company unveiled better-than-expected Q4 profit, thanks to robust order growth that helped offset weakness at its wind turbine business.

Net income for the quarter that ended on September 30 turned to a profit of €378 million (€1 = USD 1.0415) after a loss of €383M in the same quarter last year. Reportedly, analysts had predicted the bottom-line figure would rise to €288M.

Reportedly, total group-wide quarterly revenue increased by 5.9 per cent to €9.18B, beating analysts’ estimates of €8.57B.

The Munich-based company said its power and gas division was boosted by mainly large orders for grid connections for offshore wind farms in Germany. A high-voltage direct current transmission system between Germany and the UK caused the Order backlog to come in at €62.5B, a new record high.

However, the unit booked a €19M expense from a plan to wind down its Russian business in Q1 of its 2023 financial year. Higher material prices and adverse net currency effects also weighed on performance.