Siemens Lifts Dividend Despite Fall in Quarterly Profit

By Giulia Petroni

Siemens reported a fall in fourth-quarter profit while revenue rose, and lifted its dividend for the year on higher cash flow.

The German industrial company on Thursday reported quarterly net profit of 1.72 billion euros ($1.87 billion) from EUR2.70 billion in the year-earlier period.

Revenue grew 4% to EUR21.39 billion, while orders came in broadly flat on year at EUR21.80 billion. On a comparable basis, revenue and orders increased 10% and 6% on year, respectively.

Siemens said it exceeded EUR10 billion in free cash flow in the year and that it will propose a dividend of EUR4.70 a share from EUR4.25 a share in 2022.

The company expects revenue growth of 4% to 8% on a comparable basis and earnings per share before purchase price allocation accounting of between EUR10.40 and EUR11, excluding the effects of its investment in Siemens Energy.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

November 16, 2023 01:34 ET (06:34 GMT)

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