SIEGY Siemens AG (PK)

By Maitane Sardon

Shares in Siemens dropped after the company reported third-quarter revenue and earnings that came short of expectations.

At 0739 GMT, shares were down 2.5% at EUR142.80 after falling as much as 4.4%.

The German industrial company said Thursday that revenue for the April-to-June period grew 10% to 18.9 billion euros ($20.7 million). Orders also increased, rising 15% to EUR24.2 billion from EUR22.0 billion in the same period a year earlier.

Net profit was EUR1.4 billion compared with a net loss of EUR1.5 billion in the prior-year period.

Revenue missed expectations by 2% and earnings before interest, taxes, and amortization came in 5% below expectations, Deutsche Bank analyst Gael de-Bray said in a research note, noting the results were somewhat disappointing.

However, group orders beat consensus by 9%, with a strong book-to-bill ratio of 1.28 driven by some large orders in mobility, de-Bray said.

Excluding Siemens Energy, the company sees earnings per share before purchase price allocation accounting between EUR9.6 and EUR9.9, which would imply a consensus cut of 1.5% at the midpoint, Deutsche Bank added.

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

(END) Dow Jones Newswires

August 10, 2023 04:06 ET (08:06 GMT)

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