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MarketScreener Homepage  >  Equities  >  Xetra  >  Siemens AG    SIE   DE0007236101

SIEMENS AG

(SIE)
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Siemens Shares Rise on Strong 4Q Despite Cautious Outlook -- Update

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11/07/2019 | 05:35am EST

By Sara Germano

BERLIN--Siemens AG on Thursday reported higher sales and profit in the latest quarter and offered a cautiously optimistic outlook for the year ahead as it continues to realign its business to accommodate a surge in demand for renewable energy.

Siemens, like its longtime U.S. rival General Electric, has been contending with a global shift away from fossil fuels. This, combined with the global economic downturn, has forced management to streamline the industrial conglomerate.

In May, the company announced the planned spinoff of its gas and power unit, which will be named Siemens Energy and includes its large turbine and renewable energy businesses, by September of next year.

The company said the gas and power unit saw an uptick in large orders, boosted by a forthcoming 450 million euro ($498 million) combined power plant in France. Michael Sen, who will lead the spinoff, said the new company would have an estimated EUR30 billion business volume and a roughly EUR70 billion order backlog.

Siemens Chief Executive Joe Kaeser said the forthcoming U.S. election and continued downturn of the global economy made forecasting the year ahead difficult but that "we are going to continue on our growth path."

Shares rose more than 4% to EUR113.36 in early trading Thursday after its fourth-quarter net profit and revenue beat expectations.

Siemens, whose businesses span trains, turbines, and automation technologies, is predicting moderate sales and revenue growth in 2020. The company forecast earnings per share from net income of between EUR6.30 and EUR7.00, compared with EUR6.41 in fiscal 2019.

Siemens's core industrial business showed signs of some improvement. Its full-year industrial profit margin, a benchmark figure closely watched by the markets, rose to 11.3% from 10.1% in 2018.

Net income for its fourth quarter more than doubled to EUR1.5 billion, boosted by a substantially lower income tax rate versus the same period a year ago, the company said.

Revenue for the quarter rose 8% to EUR24.5 billion, while orders grew 4% to EUR24.7 billion, driven by Siemens Healthineers, the separately listed medical technology business.

Geographically, a surge in orders in the Americas offset flat growth in China and a steep decline in Siemens's home market of Germany, whose manufacturing sector has been in a deep recession since last year.

-Kim Richters contributed to this article.

Write to Sara Germano at sara.germano@wsj.com

(MORE TO FOLLOW) Dow Jones Newswires

11-07-19 0534ET

Stocks mentioned in the article
ChangeLast1st jan.
GENERAL ELECTRIC COMPANY -0.87% 11.34 Delayed Quote.51.12%
SIEMENS AG -0.08% 117.78 Delayed Quote.20.95%
SIEMENS HEALTHINEERS -0.95% 42.18 Delayed Quote.15.42%
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Financials (EUR)
Sales 2020 89 396 M
EBIT 2020 7 617 M
Net income 2020 5 432 M
Debt 2020 24 752 M
Yield 2020 3,39%
P/E ratio 2020 17,7x
P/E ratio 2021 15,6x
EV / Sales2020 1,35x
EV / Sales2021 1,24x
Capitalization 95 622 M
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Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 125,93  €
Last Close Price 117,78  €
Spread / Highest target 27,4%
Spread / Average Target 6,92%
Spread / Lowest Target -13,4%
EPS Revisions
Managers
NameTitle
Josef Kaeser President & Chief Executive Officer
Jim Hagemann Snabe Chairman-Supervisory Board
Roland Emil Busch Deputy CEO, Chief Operating & Technology Officer
Ralf Peter Thomas Chief Financial Officer
Helmuth Ludwig Chief Information Officer
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