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    SIE   DE0007236101

SIEMENS AG

(SIE)
  Report
Delayed Xetra  -  11:37 2022-10-03 am EDT
100.92 EUR   -0.28%
10:26aSIEMENS AG : Receives a Buy rating from RBC
MD
10:04aEckard Eberle appointed as new CEO of Siemens Global Business Services
AQ
10:04aVattenfall signs grid contract with Siemens Energy and Aker Solutions
AQ
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Siemens' writedown pushes company into first loss since 2010

08/11/2022 | 01:40am EDT
 Siemens logo is shown on a new Siemens Charger locomotive in California

ZURICH (Reuters) - Siemens reported better-than-expected revenues for its third quarter on Thursday as a writedown at Siemens Energy pushed the engineering and technology group into the red for the first time in nearly 12 years.

The maker of industrial software and trains reported revenues rising 11% to 17.87 billion euros ($18.38 billion) - beating analyst forecasts for 17.47 billion euros in a company-gathered consensus.

But Siemens posted a shareholders' net loss of 1.66 billion euros after taking a 2.8 billion euro non-cash charge for writing down the value of its stake in Siemens Energy.

The loss, Siemens first quarterly loss since the fourth quarter of 2010, meant Siemens had to cut its full year earnings per share guidance to 5.33 to 5.73 euros per share, from 8.70 to 9.10 euros previously.

Siemens owns a 35% stake in the turbine and wind power company, which has had a troubled two years since spinning off in 2020, with operating problems and losses at its wind turbine division Siemens Gamesa.

Chief Executive Roland Busch said demand was still strong, despite an environment affected by sanctions on Russia, high inflation and ongoing effects from the pandemic.

"We captured significant opportunities in a market environment with ongoing high demand," he said in a statement.

"Our strong top line momentum continued, with a comparable order growth of 20% since the beginning of fiscal 2022."

As well as the Siemens Energy charge, the company's figures were also hit by 442 million euro in costs related to its decision to quit Russia following the conflict in Ukraine.

During the three months to the end of June, Siemens said its orders rose to 22.07 billion euros, beating forecasts for 19.82 billion euros. The 7% increase followed a 32% increase in orders in the previous quarter.

Profit at its industrial business rose 27% to 2.88 billion - short of forecasts for 3.02 billion euros.

Siemens, whose products are used to equip factories, buildings and transport networks, is seen as a signifier for the broader industrial economy.

Demand in the European capital goods sector is holding up, Barclays said last week, looking back at the results of other companies in the sector such as ABB and Schneider Electric

Siemens said it has continued to avoid major disruptions caused by supply chain problems, especially around getting enough components, raw materials and logistics.

($1 = 0.9724 euros)

(Reporting by John Revill, editing by Rachel More and Lincoln Feast.)

By John Revill


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BARCLAYS PLC 0.54% 145.08 Delayed Quote.-22.83%
SCHNEIDER ELECTRIC SE -0.27% 116.62 Real-time Quote.-32.19%
SIEMENS AG -0.28% 100.92 Delayed Quote.-33.72%
SIEMENS ENERGY AG 1.54% 11.56 Delayed Quote.-49.38%
SIEMENS GAMESA RENEWABLE ENERGY, S.A. 0.14% 17.95 Delayed Quote.-14.93%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) -3.66% 58.0086 Delayed Quote.-21.17%
All news about SIEMENS AG
10:26aSIEMENS AG : Receives a Buy rating from RBC
MD
10:04aEckard Eberle appointed as new CEO of Siemens Global Business Services
AQ
10:04aVattenfall signs grid contract with Siemens Energy and Aker Solutions
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09:26aAker Solutions ASA - Major Step Forward for Norfolk Offshore Wind Project
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07:56aSIEMENS AG : Sell rating from Barclays
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01:08aAker Solutions, Siemens Energy Win Sizeable Contract For UK's Norfolk Boreas Wind Farm
MT
10/01Aker Solutions Asa : Major Step Forward for Norfolk Offshore Wind Project
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09/30Beyond compliance - Siemens launches new digital service portfolio for fire safety
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09/30SIEMENS AG : Gets a Sell rating from Bernstein
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09/30Siemens Energy CEO Says No Signs of Deal in Talks With Gazprom for Turbine Delivery
MT
More news
Analyst Recommendations on SIEMENS AG
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Financials
Sales 2022 70 324 M 69 183 M 69 183 M
Net income 2022 3 976 M 3 911 M 3 911 M
Net Debt 2022 38 103 M 37 485 M 37 485 M
P/E ratio 2022 21,2x
Yield 2022 4,13%
Capitalization 79 684 M 78 391 M 78 391 M
EV / Sales 2022 1,67x
EV / Sales 2023 1,56x
Nbr of Employees 308 000
Free-Float 88,3%
Chart SIEMENS AG
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Technical analysis trends SIEMENS AG
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TrendsBearishNeutralBearish
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 22
Last Close Price 100,92 €
Average target price 147,83 €
Spread / Average Target 46,5%
EPS Revisions
Managers and Directors
Roland Emil Busch President & Chief Executive Officer
Ralf Peter Thomas Head-Corporate Finance, Accounting & Controlling
Jim Hagemann Snabe Chairman-Supervisory Board
Hanna Hennig Chief Information Officer
Bernhard Wardin Head-Technology & Innovation
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