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Siemens Q2 Profit Declines; Revenue Up 7% On Comparable Basis; Decides To Exit Russian Market

Siemens AG (SIEGY.PK,SMAWF) reported second-quarter EPS pre purchase price allocation accounting of 1.50 euros, a decline of 49% from a year ago. Orders rose 22% and revenue grew 7% on a comparable basis, excluding currency translation and portfolio effects, primarily the acquisition of Varian Medical Systems, Inc.

Looking forward, the company confirmed financial targets for fiscal 2022. Also, Siemens said it will exit the Russian market as a result of the Ukraine war.

Second quarter income from continuing operations declined to 1.21 billion euros from 1.52 billion euros, last year. Income per share from continuing operations was 1.27 euros compared to 1.71 euros. The company noted that its net income in the second quarter was impacted by 0.6 billion euros from impairments and other charges, mostly recorded at Mobility subsequent to sanctions imposed on Russia.

Revenue increased to 17.04 billion euros from 14.66 billion euros, previous year. Orders for the second quarter reached 21.0 billion euros with double-digit increases in all industrial businesses.

"With strong operating results and excellent free cash flow of 1.3 billion euros, Siemens' second quarter underlines our execution capabilities and strength, even in the face of significant headwinds. The now tangible results of our portfolio optimization and ongoing mitigation of supply chain challenges allow us to look confidently into the second half of our fiscal year," said Ralf Thomas, CFO of Siemens AG.

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