THE Siemens said on Thursday that it continues to see strong industrial demand during its third quarter, while costs related to Siemens Energy’s investment and the decision to exit Russia pushed the engineering group into the red for the first time in nearly 12 years.
The company posted a net loss to shareholders of 1.66 billion euros in the three months to the end of June, after which it was impacted by 2.7 billion euros – with no effect on cash – from the decline in the value of its stake in the company. Siemens Energy.
Net income was also impacted by 558 million euros with Siemens’ decision to leave Russia after the conflict in Ukraine.
These losses were partially offset by the positive effect of 739 million euros from the sale of startup Yunex Traffic.
Siemens also lowered its guidance for annual earnings per share to 5.33 euros per share to 5.73 euros, from 8.70 euros to 9.10 euros previously.
The industrial software and trains maker, however, reported higher revenue and orders in the quarter.
Orders rose 7% to 22.07 billion euros in the third quarter, while profit in its industrial business rose 27% to 2.88 billion euros.
In the automation business, all regions reported 20% higher orders than a year ago, Siemens said, while high component and logistics costs were being addressed by passing costs on to customers.
markets such as automotive, machine building and electronics showed “a continued underlying growth momentum with signs of a certain normalization,” Siemens chief financial officer Ralf Thomas told reporters.
“Going forward, we expect a sequential normalization of demand for the fourth quarter and a gradual reduction of the order book in FY2023,” said Thomas, adding that it would be unrealistic to expect order growth to remain above 30% over the long term. deadline.
Join our Telegram!
Join the Money Times group on Telegram. You access the news in real time and can still participate in discussions related to the main topics in Brazil and the world. Join our group on Telegram now!
Source: Moneytimes
I am an author at Global happenings and I mostly cover automobile news. In my time working in the automotive industry, I have developed a keen interest in the latest developments and trends. My writing skills have also allowed me to share my knowledge with others through articles and blog posts.
