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News08 August 2024Siemens AGSiemens Korea, Seoul

[Global News] Profitable growth in third quarter – outlook confirmed

Siemens continued its profitable growth trajectory again in the third quarter. Overall, the company clearly increased its net income and profit margin and thus demonstrated its financial strength once again. With a sustained large order backlog, which totaled €113 billion in Q3, and a book-to-bill ratio greater than 1, Siemens is optimally equipped for the future. As a result, the Siemens Group confirms its outlook for fiscal 2024, whereby comparable revenue growth – that is, excluding currency translation and portfolio effects – at Group level (in the range of 4 percent to 8 percent) and the profit margin at Digital Industries (18 percent to 21 percent) will be at the lower end of their respective target ranges. The profit margin at Smart Infrastructure is expected to be at the upper end of its target range (16 percent to 17 percent).

In the third quarter, most industrial businesses experienced higher order volumes, with Digital Industries and Smart Infrastructure both seeing double-digit increases due to significant contract wins. In contrast, Mobility saw a sharp decline in large order volumes compared to the same period last year, when it achieved record-high order intake. Revenue growth was prominently driven by Smart Infrastructure, which reported a notable double-digit increase, along with additional contributions came from Siemens Healthineers and Mobility.

“We grew profitably in the third quarter, continuing to benefit from the high demand in electrification. Another growth driver was our particularly strong industrial software business, which won several large license contracts. The industrial automation business remains challenging. We confirm our company’s full-year outlook,” said Roland Busch, President and Chief Executive Officer of Siemens AG.

Financial Highlights:

Third-quarter revenue rose 5% on a comparable basis, excluding currency translation and portfolio effects; comparable orders came in 15% lower than in Q3 FY 2023, which included a record-high level of orders in Mobility

On a nominal basis, revenue increased 4% to €18.9 billion; orders were down 16% at €19.8 billion but exceeded revenue for a book-tobill ratio of 1.05, and the order backlog remained on a high level at €113 billion

Profit Industrial Business rose 11% to €3.0 billion, and the profit margin reached 16.5%, well above the prior-year quarter

Net income was €2.1 billion, with corresponding basic earnings per share (EPS) of €2.51 and EPS before purchase price allocation accounting (EPS pre PPA) of €2.66

Learn More

Q3 FY 2024 Earnings Release and Financial Results

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