SIEGY Siemens AG (PK)

By Giulia Petroni

Shares in Siemens rose on Thursday after the German conglomerate's fourth-quarter results came in above expectations and a strong free cash flow drove a dividend lift.

At 0850GMT, the stock traded 5.5% higher at EUR146.48.

Revenue came in at 21.39 billion euros ($23.20 billion) in the quarter, while orders stood at EUR21.80 billion, both above company-compiled consensus estimates of EUR20.99 billion and EUR20.08 billion, respectively. On a comparable basis, revenue and orders increased 10% and 6%, respectively, on year.

Free cash flow of EUR4.6 billion in the quarter beat expectations by 42%, supporting a proposed dividend of EUR4.70 a share and the announcement of a EUR6 billion buyback program.

"The underlying business performed better than expected in 4Q, from orders through to profits, and the FY24 guidance is slightly better than consensus also," Berenberg analysts Philip Buller and Philip Modu said in a note.

Siemens said it anticipates a slowdown in revenue growth next year, with global demand for automation products not expected to pick up again until the second half. Revenue at the digital industries division could grow by up to 3% or stagnate, with demand in the automation businesses still recovering, especially in China.

"The key positive highlights include better DI [digital industries] order intake in 4Q, comments that automation product intake has bottomed, and the FY24 growth outlook at 0%-3% which is better than the negative growth scenario that some feared," Citi analysts said in a research note. "One negative is that the DI margin guidance at the midpoint is softer than consensus, but overall group earnings guidance is better than expected."

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

November 16, 2023 04:19 ET (09:19 GMT)

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