Siemens - 3rd quarter 2018
Incoming orders grow, sales stagnate
In the third quarter of 2018, Siemens recorded double-digit growth in order intake, while sales stagnated. Particularly good business in the 'Digital Factory' division offset losses in the 'Power and Gas' division.
In the third quarter,Siemens was able to increase order intake on a nominal basis by 16% to €22.8 billion - primarily due to a higher volume of large orders. Sales declined nominally by 4% to €20.5 billion compared to the same quarter of the previous year, mainly due to currency translation effects. On a comparable basis - i.e. excluding currency translation and portfolio effects - they remained at the previous year's level, whereas incoming orders increased by a whopping 21%.
The result of the Industrial Business rose by 2% to €2.2 billion, with a profit margin of 10.7%. According to Siemens, an excellent performance by the Digital Factory Division and improvements in other divisions were partially offset by a very sharp decline in earnings and profitability in the Power and Gas Division.
In the course of announcing the quarterly figures, Siemens CEO Joe Kaeser announced a new Group structure. This also has an impact on the distribution of responsibilities on the Managing Board. As of October 1, the business allocation plan approved by the Siemens Supervisory Board will come into effect, which provides for the following responsibilities on the Managing Board:
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