Siemens today reported its third quarter financial results with quarter ended June 30, 2012. The company reported revenue for the quarter rose 10% on year-over-year basis, to €19.542 billion. Orders came in at €17.770 billion, 23% below the prior-year period, which included a €3.7 billion order for trains in Germany and a substantially higher volume from large orders in Energy. The book-to-bill ratio for the quarter was 0.91, and the order backlog was €100 billion.
Total Sectors profit was €1.817 billion, despite lower earnings contributions from Siemens’ industrial shortcycle businesses. Income from continuing operations was €1.229 billion and corresponding basic EPS was €1.37. Free cash flow from continuing operations for the quarter declined year-over-year, to €883 million, on lower cash flows in the Sectors.
Peter Löscher, President and Chief Executive Officer of Siemens AG said, “We see growing reluctance among our customers regarding capital expenditures and stronger economic headwinds, especially in our industrial short-cycle businesses. Therefore our focus above all is on increasing our productivity and efficiency. Given the deteriorating environment it becomes more difficult to achieve our guidance for the fiscal year.”
Talking about outlook, for fiscal 2012 Siemens expect moderate organic revenue growth compared to fiscal 2011, and a book-to-bill around one. Given our results for the first nine months, including substantially lower earnings than we expected in our industrial short-cycle businesses, it has become clearly more ambitious to reach the range of our mid-year outlook of €5.2 to €5.4 billion in income from continuing operations.