SIEGY Siemens AG (PK)

By Maitane Sardon

Siemens turned a profit in the third-quarter and reported an increase in revenue, led by double-digit growth at its digital-industries, smart-infrastructure and mobility divisions.

The German industrial company posted 1.4 billion euros ($1.54 billion) in quarterly net profit. This compares with the net loss of EUR1.5 billion it reported in the prior-year period after booking an impairment on its investment in Siemens Energy and Russia-related charges.

Revenue for the April to June period grew 10% to EUR18.9 billion. Orders increased 15% to EUR24.2 billion compared with the EUR22.0 billion it achieved in the same period a year prior.

Analysts were expecting a net profit of EUR1.41 billion in the quarter, EUR19.27 billion in revenue and EUR22.19 billion in orders, according to a consensus provided by the company.

"We again achieved profitable growth and showed our competitive strength across all our businesses. We have seen normalization of demand, particularly in China and in short-cycle business," Chief Executive Officer Roland Busch said.

Siemens backed its fiscal-year guidance for revenue growth and earnings-per-share although it lowered its outlook for digital industries. It expects the division to achieve comparable revenue growth of between 13% to 15%, from between 17% and 20% previously. The profit margin is now expected to be in the range of 22% to 23%.

It continues to expects 2023 comparable group revenue growth to be between 9% and 11%, Siemens said.

Write to Maitane Sardon at maitane.sardon@wsj.com

(END) Dow Jones Newswires

August 10, 2023 01:37 ET (05:37 GMT)

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