Siemens has reported a revenue of €13.5 billion ($16 billion) for the third quarter of the financial year 2020, 5% lower than the same quarter a year ago.
Siemens Mobility delivered growth included significant contract wins resulting in a book-to-bill ratio well above one, at 1.07 and other industrial businesses posted declines resulting largely from factors related to Covid-19; orders, which came in 7% lower at €14.4 billion, a company statement said.
Revenue and orders showed the same development on a comparable basis, excluding currency translation and portfolio effects
“Despite the severe global crisis, we delivered strong operating performance and rigorously drove our realignment forward,” said Joe Kaeser, President and Chief Executive Officer of Siemens AG.
“Our strategy concept Vision 2020+ is gaining traction, and Healthineers is testimony that shows the program’s strategic and transformational power. Our employees and our partners have my deep gratitude and respect. Together, they’ve set an impressive benchmark for dedication and performance.”
“While we expect the economic consequences of the Covid-19 pandemic to continue to strongly impact our fiscal fourth quarter financial results, macroeconomic developments and their influence on Siemens still cannot be reliably assessed,” Siemens said in a report on its website.
“We continue to expect a moderate decline in comparable revenue in fiscal year 2020, net of currency translation and portfolio effects, with the book-to-bill ratio remaining above 1. The decline in demand most strongly affects our Operating Companies Digital Industries and Smart Infrastructure.
“We adhere to our plan to complete the spin-off and public listing of Siemens Energy before the end of fiscal 2020. We expect to record a spin-off gain within discontinued operations, the amount of which cannot yet be reliably forecast. We continue to expect material impacts on net income from spin-off costs and tax expenses related to the carve-out and sub-group creation of Siemens Energy,” it added. – TradeArabia News Service