Siemens Energy: on track to achieve its targets

(CercleFinance.com) - Sales rose 18.
5% to E8.8bn in Q3 2024, with substantial growth at Grid Technologies, Transformation of Industry and Siemens Gamesa.

Profit before exceptional items was positive at E49m (vs. -E2,048m in Q3 2023).

Siemens Energy reported a net loss of E102m (vs. E2,931m in Q3 2023). Corresponding basic EPS was a negative E0.16 (vs. E3.42).

Pre-tax free cash flow amounted to E727m (vs. E27m), with positive contributions from all segments except Siemens Gamesa.

We continue to expect Siemens Energy to achieve comparable sales growth (excluding currency translation and portfolio effects) in the range of 10% to 12%. The profit margin before exceptional items is expected to be between -1% and 1% positive. We anticipate net income of up to 1 billion euros, including the impact of divestments and the acceleration of portfolio transformation, the group says.

Due to the good performance in the first nine months, we now expect positive pre-tax FCF of E1bn to E1.5bn (vs. previously up to 1.0 billion euros), management adds.


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