Siemens (SIE) Q3 2024 earnings summary

Executive summary

• Achieved profitable growth and margin expansion in Q3 2024, with revenue up 5% year-over-year, driven by strong demand for digital, electrification, and sustainability solutions, despite macroeconomic headwinds and challenges in industrial automation.

• Book-to-bill ratio reached 1.05, supported by robust orders in Smart Infrastructure and Healthineers; order backlog at EUR 113 billion.

• Free cash flow from Industrial Business at EUR 2.5 billion in Q3; net income increased 48% year-over-year to EUR 2.1 billion.

• Confirmed group outlook for fiscal 2024, maintaining focus on operational execution, strategic investments, and shareholder returns.

• Sustainability leadership recognized with EcoVadis platinum rating and Siemensstadt Square as a global blueprint.

Financial highlights

• Revenue grew 5% year-over-year to EUR 18.9 billion in Q3, led by Smart Infrastructure (+10%) and Healthineers (+4%).

• Orders at EUR 19.8 billion, down 15% year-over-year, reflecting a tough comparison with last year's record Mobility orders.

• Industrial business profit exceeded EUR 3 billion, with margin improved to 16.5%.

• EPS pre PPA was EUR 2.66; basic EPS up 55% to EUR 2.51.

• Free cash flow from continuing and discontinued operations was EUR 2.1 billion.

Outlook and guidance

• Full-year 2024 guidance confirmed: Group expects 4%-8% revenue growth, book-to-bill above one, and EPS pre PPA EUR 10.40–11.00.

• Digital Industries revenue guidance for FY24: -8% to -4% below prior year; profit margin at lower end of 18%-21%.

• Smart Infrastructure revenue growth guidance: 8%-10%, with profit margin at upper end of 16%-17%.

• Mobility revenue growth guidance: 8%-11%, profit margin 8%-10%.

• Siemens Healthineers expects 4.5%-6.5% revenue growth and adjusted basic EPS of EUR 2.10–2.30.