Q3 2024 Siemens Energy AG Earnings Call Transcript
Key Points
- Siemens Energy AG (SMEGF) reported a healthy order intake of EUR10.4 billion for the quarter, with a book-to-bill ratio of 1.2.
- Revenue rose close to 20% in the quarter and 12% during the first nine months, driven by strong growth in Grid Technologies and Siemens Gamesa.
- The company raised its cash flow guidance from up to EUR1 billion to a range of EUR1 billion to EUR1.5 billion.
- Siemens Energy AG (SMEGF) inaugurated a new gas turbine combustion burner factory in Budapest, enhancing its capacity.
- The order backlog reached a new high of EUR120 billion, with improved margin quality, providing a solid foundation for future profitability.
- Siemens Gamesa reported a loss of EUR450 million for the quarter, contributing to a total loss of EUR1.3 billion for the first nine months.
- The company faced one-time legacy effects impacting profitability, particularly in Gas Services and Transformation of Industry.
- Order intake at Siemens Gamesa was low, affecting the overall order intake for the quarter.
- The market for green hydrogen is developing slower than expected, impacting the sustainable energy business.
- The company anticipates continued challenges in the supply chain, particularly in Grid Technologies, due to high demand and capacity constraints.
Good morning and a warm welcome to our Q3 conference call. As always, all documents were released at 7:00 AM on our website. And here with me are our President and CEO, Christian Bruch; and our Chief Financial Officer, Maria Ferraro. Christian and Maria will take you through the major developments of the last quarter, and this is expected to take about 30 minutes.
Thereafter, as always, Christian and Maria are available to answer your question. And for the entire call, we have allowed about an hour.
And with that, Christian, over to you.
Yeah. Thank you very much, Michael, and good morning, everybotrdy, also from my side. Thank you very much for joining us for this conference call today. We are on track to meet our guidance and to reach our objectives for the full fiscal year. We saw a healthy order intake, good growth and profitability in line with our expectations, and we are
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