Siemens reports Q3 results in line with forecast on weak dollar; confirms 2025 outlook
The company, which makes industrial software and trains, reported industrial profit falling 7% to 2.82 billion euros ($3.29 billion) for the three months to the end of June, in line with analyst forecasts in a company-gathered consensus.
Earnings were reduced by currency translation effects, particularly the fall of the dollar versus the euro during the quarter, as well as restructuring costs as Siemens shed jobs at its flagship digital industry division.
Revenue rose 3% to 19.38 billion euros, beating forecasts for 19.24 billion euros.
"Our third-quarter performance demonstrates that Siemens is delivering robust results despite the volatile global market," said Chief Executive Roland Busch in a statement, without getting into details regarding the increased trade tariffs following U.S. President Donald Trump's global trade reset.
Currency translation effects took four percentage points from order growth and three percentage points from revenue growth, Siemens said.
The dollar lost 8% against the euro during the quarter, caused by concerns over the Federal Reserve's independence, the credibility of official statistics, ballooning fiscal debt and rising bets on interest rate cuts.
Despite the ongoing uncertainty in the global economic environment, Siemens confirmed its outlook for its 2025 financial year, which runs to the end of September.
It still expects group revenue to grow by 3% to 7% on a comparable basis, and post basic earnings per share in the range of 10.40 to 11.00 euros.
Siemens said the outlook calculation did not include the purchase of U.S. engineering software firm Altair Engineering and the acquisition of U.S.-based Dotmatics, which weighed on its profit margin.
($1 = 0.8568 euros)
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