- 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
“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.”
Roland Busch, President and Chief Executive Officer of Siemens AG
“Overall, we achieved clear increases in both net income and profit margin in the third quarter. We again generated strong Free cash flow, and we will re-emphasize our clear focus on cash with a strong fourth quarter.”
Ralf P. Thomas, Chief Financial Officer of Siemens AG
Please read the complete Earnings Release and Financial Results:
The financial publications can be downloaded at www.siemens.com/ir
Outlook
We confirm our outlook given in the Earnings Release Q2 FY 2024, with comparable revenue growth for the Siemens Group and profit margin for Digital Industries expected at the lower end of the respective ranges and profit margin for Smart Infrastructure expected at the upper end of the range.
Our expectations given in the Earning Release Q2 FY 2024 were as follows:
For the Siemens Group we expect comparable revenue growth, net of currency translation and portfolio effects, in the range of 4% to 8% and a book-to-bill ratio above 1.
Digital Industries expects comparable revenue for fiscal 2024 to come in 8% to 4% below the prior year and a profit margin in the range of 18% to 21%.
Smart Infrastructure expects for fiscal 2024 comparable revenue growth of 8% to 10% and a profit margin of 16% to 17%.
Mobility expects for fiscal 2024 comparable revenue growth of 8% to 11% and a profit margin of 8% to 10%.
We expect profitable growth of our Industrial Business overall to drive an increase in basic EPS from net income before purchase price allocation accounting (EPS pre PPA) to a range of €10.40 to €11.00 in fiscal 2024, excluding a positive €0.61 per share from Siemens Energy Investment in the first quarter of fiscal 2024. EPS pre PPA excluding Siemens Energy Investment in fiscal 2023 was €9.93.
This outlook excludes burdens from legal and regulatory matters.
