Siemens Reports Q3 Financial Results

Siemens Reports Q3 Financial Results

MUNICH — Siemens AG today released its Q3 FY 2023 earnings and financial results.

“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,” said Roland Busch, President and Chief Executive Officer of Siemens AG. “I’m very pleased that our financial performance was again strong and resilient. We continue to execute our strategy of creating high-value growth and accelerating our customers’ digital transformation and sustainability journeys.”


  • Orders rose 15% and revenue grew 10% on a comparable basis, excluding currency translation and portfolio effects
  • On a nominal basis, orders grew 10% to €24.2 billion [USD $26.67 billion], driven by sharply higher volume from large orders in Mobility, while revenue was up 6% year-over-year at €18.9 billion [USD $20.83 billion] including increases in all industrial businesses; the book-to-bill ratio was 1.28
  • Profit Industrial Business was €2.8 billion [USD $3.09 billion] with a profit margin of 15.3%, including substantial increases in Digital Industries and Smart Infrastructure; profit Industrial Business in Q3 FY 2022 of €2.9 billion [USD $3.20 billion] benefited from a €0.7 billion [USD $0.77 billion] divestment gain in Mobility
  • On Net income of €1.4 billion [USD $1.54 billion], corresponding basic earnings per share (EPS) were €1.61 [USD $1.77] and EPS before purchase price allocation accounting (EPS pre PPA) were €1.78 [USD $1.96]; a net loss of €1.5 billion [USD $1.65 billion] in Q3 FY 2022 was due primarily to an impairment of the stake in Siemens Energy recorded in the amount of €2.7 billion [USD $2.98 billion]
  • Free cash flow from continuing and discontinued operations was again excellent, reaching €3.0 billion [USD $3.31 billion] for the quarter

Ralf P. Thomas, Chief Financial Officer of Siemens AG, stated: “Again in the third quarter our excellent Free cash flow reflected our businesses’ strong performance. In addition, an upgrade of our credit rating by Moody’s underlines our financial strength. We are ideally positioned to continue creating value for our shareholders, customers and employees.”


  • For the Siemens Group, we continue to expect comparable revenue growth, net of currency translation and portfolio effects, in the range of 9% to 11% and a book-to-bill ratio above 1.
  • Digital Industries now expects for fiscal 2023 to achieve comparable revenue growth of 13% to 15% (previously expected at 17% to 20%). The profit margin is now expected to be in the range of 22% to 23% (previously expected at 22.5% to 23.5%).
  • Smart Infrastructure continues to expect for fiscal 2023 comparable revenue growth of 14% to 16% and a profit margin in the range of 14.5% to 15.5%.
  • Mobility continues to expect for fiscal 2023 comparable revenue growth of 10% to 12% and a profit margin in the range of 8% to 10%.
  • We continue to expect the profitable growth of our industrial businesses to drive an increase in EPS pre PPA to a range of €9.60 to €9.90 [USD $10.58 to $10.91] in fiscal 2023 excluding Siemens Energy Investment, which during the first nine months of fiscal 2023 contributed €902 million [USD $993.91 million] to Net income and corresponding EPS pre PPA of €1.14 [USD $1.26].
  • This outlook excludes burdens from legal and regulatory matters.
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