Siemens grew earnings to $19.8 billion in Q4 2023

 

MUNICH – German engineering and manufacturing giant Siemens saw sales and earnings both grow in the final quarter of 2023, the company announced on Thursday.

Sales rose by 2% to €18.4 billion ($19.8 billion) in the final three months of last year, which the company said on an adjusted basis to account for currency and portfolio effects amounted to a 6% rise.

Siemens saw signs of a slowdown in its industrial automation business, but that was offset by growth in the company’s intelligent infrastructure and mobility divisions.

Order intake also increased by 2% on an adjusted basis to €22.3 billion, which was significantly better than analysts expected. The figures were boosted by major orders for Siemens-made trains.

After-tax earnings rose at Siemens by about €2.5 billion. Siemens also benefited from a profit from the transfer of an 8% stake in the energy technology company Siemens Energy to its own pension fund.

In future, the group will only report the remaining 17.1% stake in Siemens Energy, which was spun off as an independent company in 2020, as a financial asset.

Siemens confirmed its outlook for rest of the company’s current fiscal year and expects further revenue and profit growth.