Siemens: cautious message depresses shares
(CercleFinance.com) - Siemens' cautious outlook has dragged its shares down almost 6% on Thursday, despite third-quarter results that are broadly in line with expectations.
The German industrial giant confirmed its financial expectations for fiscal year 2018/2019, although said that market conditions for its short cycle businesses "significantly deteriorated" in the second half of the year.
Siemens' earnings before interest, tax, depreciation and amortisation (EBITDA) fell by 12% to 1.9 billion euros, missing the consensus of 2.1 billion euros.
But third-quarter revenue rose 4% to 21.3 billion euros, above the consensus of 21.2 billion euros.
For the current fiscal year, Siemens still expects its orders to exceed revenue, for a book-to-bill ratio in excess of 1, with a basic net EPS in a range of 6.30 euros to 7 euros, excluding severance charges.
Siemens shares are currently down 5.8% at 93.8 euros after the report.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The German industrial giant confirmed its financial expectations for fiscal year 2018/2019, although said that market conditions for its short cycle businesses "significantly deteriorated" in the second half of the year.
Siemens' earnings before interest, tax, depreciation and amortisation (EBITDA) fell by 12% to 1.9 billion euros, missing the consensus of 2.1 billion euros.
But third-quarter revenue rose 4% to 21.3 billion euros, above the consensus of 21.2 billion euros.
For the current fiscal year, Siemens still expects its orders to exceed revenue, for a book-to-bill ratio in excess of 1, with a basic net EPS in a range of 6.30 euros to 7 euros, excluding severance charges.
Siemens shares are currently down 5.8% at 93.8 euros after the report.
Copyright (c) 2019 CercleFinance.com. All rights reserved.