Siemens Energy (ENR) Q3 2024 (Media) earnings summary

Executive summary

• Orders reached €10.4 billion, with Gas Services orders more than doubling year-over-year to a record €5.3 billion, though overall order intake declined 29.6% due to timing shifts and a high prior-year base.

• Revenue grew 18.5% year-over-year to €8.8 billion, with all business areas contributing to growth.

• Profit before special items was €49 million, a significant turnaround from negative €2,048 million in Q3 FY 2023, with reported profit at €119 million and a net loss of €102 million.

• Free cash flow pre-tax surged to €727 million from €27 million, with all segments except Siemens Gamesa contributing positively.

• Order backlog surpassed €120 billion, providing a strong foundation for future growth.

Financial highlights

• Book-to-bill ratio was 1.18, supporting backlog growth.

• EBITDA for the quarter was €414 million, compared to negative €1,749 million in Q3 FY 2023.

• Gross margin improved to 13% from negative 15.6% year-over-year.

• Total equity increased to €10,025 million from €8,787 million at September 2023.

• Adjusted net debt position improved to negative €1,672 million, indicating net cash.

Outlook and guidance

• On track to reach full-year guidance and objectives, with comparable revenue growth expected at 10–12%.

• Profit margin before special items forecast between negative 1% and positive 1%.

• Net income for the year anticipated up to €1 billion, including impacts from disposals and portfolio transformation.

• Free cash flow pre-tax guidance raised to €1–1.5 billion for FY 2024.

• Siemens Gamesa losses now expected to be up to €2 billion for the year.