Siemens Posts Loss For Q3, But Sales Rise

Siemens AG (SIEGY.PK,SMAWF), a German conglomerate, on Thursday posted a loss for the third quarter, primarily due to a previously disclosed impairment of the stake in Siemens Energy of 2.7 billion euros.

However, the firm posted a rise in sales for the same period.

For the third-quarter, the Munich-headquartered firm posted a net loss of 1.53 billion euros or 2.06 euros per basic share, compared with a net profit of 1.48 billion euros or 1.68 euros per basic share a year ago.

Loss per share pre-PPA was at 1.85 euros, versus earnings per share pre-PPA of 1.89 euros.

Loss from continuing operations stood at 1.52 billion euros, compared with a profit of 1.37 billion euros.

Siemens generated revenues of 17.86 billion euros as against 16.08 billion euros of previous year quarter.

Looking ahead, for the fiscal 2022, the company cut its earnings outlook to 5.33 euros-5.73 euros against its previous outlook of 8.70 euros-9.10 euros.

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