Siemens Q2 Revenues Beat Estimates, FY23 Outlook Raised Again

Siemens AG (OTC: SIEGY) reported Q2 FY23 revenue growth of 14% Y/Y (+15% Y/Y on a comparable basis) to €19.4 billion.
Orders rose 13% Y/Y (+15% Y/Y on a comparable basis) to €23.6 billion, led by increased large orders in the Mobility business.
Q2 FY23 revenues came above the consensus estimate of €18.59 billion, as per Reuters.
Profit Industrial Business increased 47% Y/Y to €2.6 billion (vs. consensus of €2.70 billion), aided by the highest-ever quarterly profit generation at Smart Infrastructure and Digital Industries. Also, margins expanded to 14.2% from 11.0% a year ago.
Basic EPS increased significantly to €4.39 from €1.29 in the prior year. EPS before purchase price allocation (PPA) was €4.57.
Siemens generated €2.4 billion in free cash flow.
FY23 Outlook: Siemens raised FY23 guidance again and now expects comparable revenue growth (net of currency translation and portfolio effects) of 9% to 11% (vs. +7% to 10% expected earlier). The company continues to expect a book-to-bill ratio of above 1.
Siemens increased EPS pre-PPA outlook to €9.60 to €9.90 (€8.90 to €9.40 previously) for FY23.
Price Action: SIEGY shares closed lower by 1.22% at $81.10 on Tuesday.

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