Siemens Swung to Loss in 3Q on Impairment Charge; Cut EPS Target for Fiscal Year 2022
August 11 2022 - 1:52AM
Dow Jones News
By Kim Richters
Siemens AG cut the outlook for earnings per share for the full
fiscal year after it swung to a loss in its third quarter due to an
impairment on its investment in Siemens Energy AG.
The German industrial conglomerate said Thursday that its net
loss was 1.66 billion euros ($1.71 billion) for the period ended
June 30, compared with a profit of EUR1.35 billion a year earlier.
Analysts had forecast a loss of EUR532 million, according to
consensus estimates provided by Siemens.
The company had booked an impairment of EUR2.7 billion on its
investment in Siemens Energy AG during the three-month period. It
also saw about EUR600 million in Russia-related charges.
Siemens said revenue for the quarter was EUR17.87 billion
compared with EUR16.09 billion for the year-earlier period, beating
analysts expectations of EUR17.47 billion. Orders rose to EUR22.01
billion from EUR20.49 billion.
For the full fiscal year 2022, Siemens lowered the target for
basic earnings per share from net income before purchase price
allocation accounting due to the Siemens Energy impairment. It now
sees the metric, also called EPS pre PPA, at EUR5.33 to EUR5.73,
down from EUR8.70 to EUR9.10 previously. It confirmed the target of
6% to 8% growth in comparable revenue, net of currency translation
and portfolio effects.
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
August 11, 2022 01:37 ET (05:37 GMT)
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