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CAPITAL GOODS: Siemens (SIEGR Aa3/AA-/A+): 3Q24 Results

CAPITAL GOODS
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Credit neutral overall.

  • Siemens reports revenue 2% lower than consensus, with 4% organic growth. Book-to-bill healthy at 1.05x (1.02x expected). Mobility was a touch weak with supply chain issues affecting production.
  • Adj. EBITDA beat by 18% with productivity, business mix and disposals helping drive profitability.
  • FCF missed by 13% mainly on higher taxes paid. Leverage at 1x, marginally lower QoQ and up from 0.8x YoY.
  • FY24 guidance confirmed, but with revenue growth expected at the lower end of the 4-8% range. 
  • Webcast 08.30 BST https://edge.media-server.com/mmc/p/viz3zfca/.
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Credit neutral overall.

  • Siemens reports revenue 2% lower than consensus, with 4% organic growth. Book-to-bill healthy at 1.05x (1.02x expected). Mobility was a touch weak with supply chain issues affecting production.
  • Adj. EBITDA beat by 18% with productivity, business mix and disposals helping drive profitability.
  • FCF missed by 13% mainly on higher taxes paid. Leverage at 1x, marginally lower QoQ and up from 0.8x YoY.
  • FY24 guidance confirmed, but with revenue growth expected at the lower end of the 4-8% range. 
  • Webcast 08.30 BST https://edge.media-server.com/mmc/p/viz3zfca/.