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News10 August 2023Siemens AGSiemens Korea, Seoul

[Global News] Continued profitable growth and excellent free cash flow

Siemens continued its profitable growth trajectory in Q3 2023 (ended June 30, 2023), with all industrial businesses achieving strong revenue growth. Order momentum in the company’s major projects and systems business was also strong. The book-to-bill ratio was an excellent 1.28, while the order backlog of €110 billion was again at a record high level. Siemens successfully confirms its outlook on group level for fiscal 2023 and continues to strengthen its position to continue creating value for our shareholders, customers and employees.

The strong profit growth of the third quarter mainly came from Smart Infrastructure and Digital Industries both achieving high revenue growth. The growth at Digital Industries was driven primarily by the automation businesses – especially by the factory automation and process automation businesses, while Smart Infrastructure reported orders nearly at the high level of Q3 2022, which had benefited from proactive customer purchasing particularly in the short-cycle businesses. Mobility again achieved a record-high quarterly order intake with a number of major contract wins including a €2.5 billion order in Egypt and a €2.1 billion order in Germany.

“We again achieved profitable growth and showed our competitive strength across all our businesses. We have seen normalization of demand, particularly in China and in short-cycle business,” said Roland Busch, President and Chief Executive Officer of Siemens AG. “I’m very pleased that our financial performance was again strong and resilient. We continue to execute our strategy of creating high-value growth and accelerating our customers’ digital transformation and sustainability journeys.”

Financial Highlights:

Orders rose 15% and revenue grew 10% on a comparable basis, excluding currency translation and portfolio effects

On a nominal basis, orders grew 10% to €24.2 billion, driven by sharply higher volume from large orders in Mobility, while revenue was up 6% year-over-year at €18.9 billion including increases in all industrial businesses; the book-to-bill ratio was 1.28

Profit Industrial Business was €2.8 billion with a profit margin of 15.3%, including substantial increases in Digital Industries and Smart Infrastructure; profit Industrial Business in Q3 FY 2022 of €2.9 billion benefited from a €0.7 billion divestment gain in Mobility

On Net income of €1.4 billion, corresponding basic earnings per share (EPS) were €1.61 and EPS before purchase price allocation accounting (EPS pre PPA) were €1.78; a net loss of €1.5 billion in Q3 FY 2022 was due primarily to an impairment of the stake in Siemens Energy recorded in the amount of €2.7 billion

Free cash flow from continuing and discontinued operations was again excellent, reaching €3.0 billion for the quarter

Learn More

Q3 FY2023 Earnings Release and Financial Results

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