Siemens raises sales and profit outlook after strong start to 2023
Industrial business reports strongest ever quarter
Siemens boosted by record backlog of 102 billion euros
Raises full year sales growth outlook
CFO says company has built up stocks to meet demand
Recasts; adds detail, background
By John Revill
ZURICH, Feb 8 (Reuters) -Siemens SIEGn.DE reported better-than-expected quarterly profit at its industrial business on Wednesday and raised its full-year sales and profit guidance, boosted by a strong start to its 2023 fiscal year.
The builder of trains and industrial software reported profit at its industrial business of 2.7 billion euros ($2.90 billion) in the fiscal first quarter to the end of December, beating forecasts for 2.50 billion euros in a company-gathered consensus of analyst forecasts.
Chief Executive Roland Busch said the company had made its strongest ever start to a financial year, helped by its working through an order backlog which stood at a record 102 billion euros.
"Our outstanding order backlog in terms of quality and quantity, together with the strong execution capabilities throughout Team Siemens, provide confidence for raising our outlook for fiscal 2023," Busch said in a statement.
Like other industrial companies, Siemens saw a big surge in orders last year as customers brought forward their orders to avoid supply chain disruptions caused by gummed-up logistics chains and a shortage of key parts like semi-conductor chips.
Pre-announcing the results, which had been due to be published on Thursday, Siemens said it now expects full-year revenue growth of 7% to 10%. Previously it had expected an increase of 6% to 9%.
It also raised its profit guidance, saying it expected basic earnings per shares between 8.90 and 9.40 euros, up from 8.70 to 9.2 euros guidance it gave last November.
Much of the increase is expected to come from digital industries - Siemens's factory automation business. Smart Infrastructure - which makes products to automate and control buildings - also raised its sales and profit margin guidance.
Chief Financial Officer Ralf Thomas said Siemens had made a "temporary and deliberate build-up of critical inventories," to enable it to meet customer demand in the months ahead.
During the October to December period, Siemens said its revenue had increased 8% to 18.1 billion euros, matching estimates.
Shareholders' net profit fell to 1.48 billion euros, in line with forecasts.
The results of Siemens, whose sensors, components and software are used in factories, transport systems and buildings are seen as indicators for the health of the broader industrial economy.
Fellow industrial automation company Rockwell Automation ROK.S last month reported a 9.9% increase in first quarter organic sales, and raised its sales growth outlook.
Swiss rival ABB ABBN.S last week said it also expected a strong start to 2023, with revenue growth in the double digit percentage range in the first three months of 2023.
($1 = 0.9322 euro)
Reporting by John Revill; Editing by Leslie Adler and Jonathan Oatis
Actifs liés
Dernières actualités
Avertissement : Les entités de XM Group proposent à notre plateforme de trading en ligne un service d'exécution uniquement, autorisant une personne à consulter et/ou à utiliser le contenu disponible sur ou via le site internet, qui n'a pas pour but de modifier ou d'élargir cette situation. De tels accès et utilisation sont toujours soumis aux : (i) Conditions générales ; (ii) Avertissements sur les risques et (iii) Avertissement complet. Un tel contenu n'est par conséquent fourni que pour information générale. En particulier, sachez que les contenus de notre plateforme de trading en ligne ne sont ni une sollicitation ni une offre de participation à toute transaction sur les marchés financiers. Le trading sur les marchés financiers implique un niveau significatif de risques pour votre capital.
Tout le matériel publié dans notre Centre de trading en ligne est destiné à des fins de formation / d'information uniquement et ne contient pas – et ne doit pas être considéré comme contenant – des conseils et recommandations en matière de finance, de fiscalité des investissements ou de trading, ou un enregistrement de nos prix de trading ou une offre, une sollicitation, une transaction à propos de tout instrument financier ou bien des promotions financières non sollicitées à votre égard.
Tout contenu tiers, de même que le contenu préparé par XM, tels que les opinions, actualités, études, analyses, prix, autres informations ou liens vers des sites tiers contenus sur ce site internet sont fournis "tels quels", comme commentaires généraux sur le marché et ne constituent pas des conseils en investissement. Dans la mesure où tout contenu est considéré comme de la recherche en investissement, vous devez noter et accepter que le contenu n'a pas été conçu ni préparé conformément aux exigences légales visant à promouvoir l'indépendance de la recherche en investissement et, en tant que tel, il serait considéré comme une communication marketing selon les lois et réglementations applicables. Veuillez vous assurer que vous avez lu et compris notre Avis sur la recherche en investissement non indépendante et notre avertissement sur les risques concernant les informations susdites, qui peuvent consultés ici.
