Siemens Shares Closed 4% Higher On Q2 Earnings, FY21 Guidance Raise

Siemens AG SIEGY reported second-quarter FY21 revenue growth of 6% year-on-year to €14.7 billion. Orders rose 8% Y/Y to €15.9 billion.
Growth momentum mainly came from the automotive industry, machine building, software business, and China, CFO Ralph P. Thomas said. The margin developments at Industrial Businesses, the successful portfolio management also paid off, Thomas added.
Significant currency translation effects took 4% points each from the order and revenue growth year-over-year; portfolio effects added 1% each.
Adjusted EBITA for Industrial Businesses rose 31% Y/Y to €2.1 billion. The margin expanded 300 basis points to 15.1%.
Net income rose 243% Y/Y to €2.39 billion, while EPS was €2.82.
Siemens held €23.6 billion in cash and equivalents and generated €1.6 billion in operating cash flow.
Guidance: Siemens raised the FY21 revenue growth guidance from mid to high single-digit to 9% - 11%. It raised the net income guidance from €5 billion - €5.5 billion to €5.7 - €6.2 billion.
Siemens expects the businesses to continue to deliver a strong performance in the second half of fiscal 2021 despite the pandemic-induced uncertainty. Also, Siemens realized substantial gains from portfolio transactions in the first half of the fiscal year leading to the FY21 guidance raise.
Price action: SIEGY shares closed higher by 4.12% at $87.77 on Friday.

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