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    ENR   DE000ENER6Y0

SIEMENS ENERGY AG

(ENR)
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Delayed Xetra  -  11:35 2022-09-30 am EDT
11.39 EUR   +0.57%
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Siemens' posts first quarterly loss in 12 years after writedowns hit Q3

08/11/2022 | 01:00am EDT

* Charges related to Siemens Energy, Russia exit weigh on profit

* Company posts first quarterly loss since 2010

* Sees strong automation demand still

* Company offsetting higher costs with price increases

ZURICH, Aug 11 (Reuters) - Siemens said on Thursday it continued to see strong industrial demand during its third quarter, as costs related to its Siemens Energy investment and decision to quit Russia pushed the engineering group into the red for the first time in nearly 12 years.

The maker of industrial software and trains reported higher revenue and orders for the three months to the end of June, a positive sign for the health of the broader industrial sector.

In factory automation, all regions reported orders 20% higher than a year earlier, Siemens said, while elevated component and logistics costs were being tackled by passing on the costs to customers.

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."

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

End-markets, such as automotive, machine building and electronics, showed "continued underlying growth momentum with signs of a certain normalization", Siemens Chief Financial Officer Ralf Thomas told reporters.

"For the future, we expect a sequential normalization of demand for the fourth quarter and a gradual reduction of order backlog in fiscal 2023," Thomas said, adding it would be unrealistic to expect orders growth to remain above 30% over the longer term.

Orders rose 7% to 22.07 billion euros ($22.8 billion) in the third quarter, while profit at its industrial business rose 27% to 2.88 billion euros.

But it posted a shareholders' net loss of 1.66 billion euros after taking a 2.7 billion euro non-cash charge for writing down the value of its stake in Siemens Energy.

Net profit also took a hit of 558 million euros from Siemens' decision to quit Russia following the conflict in Ukraine. Its shares were indicated 1.2% lower in early trading as it also 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.

Although these losses were partly offset by 739 million euros from the sale of its Yunex Traffic, the charges pushed Siemens into a net loss of 1.66 billion euros. ($1 = 0.9689 euros)

(Reporting by John Revill, editing by Rachel More, Lincoln Feast and Emelia Sithole-Matarise)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ABB LTD 1.78% 25.8 Delayed Quote.-26.07%
BARCLAYS PLC -0.25% 144.3 Delayed Quote.-22.83%
SCHNEIDER ELECTRIC SE 2.44% 116.94 Real-time Quote.-32.19%
SIEMENS AG 2.99% 101.2 Delayed Quote.-33.72%
SIEMENS ENERGY AG 0.57% 11.385 Delayed Quote.-49.38%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) -0.21% 59.075 Delayed Quote.-24.27%
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Financials
Sales 2022 28 287 M 27 738 M 27 738 M
Net income 2022 -497 M -487 M -487 M
Net cash 2022 1 755 M 1 721 M 1 721 M
P/E ratio 2022 -18,2x
Yield 2022 1,46%
Capitalization 8 137 M 7 979 M 7 979 M
EV / Sales 2022 0,23x
EV / Sales 2023 0,20x
Nbr of Employees 92 000
Free-Float 58,3%
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Number of Analysts 14
Last Close Price 11,39 €
Average target price 21,89 €
Spread / Average Target 92,3%
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Managers and Directors
Christian Bruch President & Chief Executive Officer
Maria Ferraro Chief Financial & Diversity Officer
Josef Kaeser Chairman-Supervisory Board
Laurence B. L. Mulliez Independent Non-Executive Member-Supervisory Board
Günter Augustat Member-Supervisory Board