Siemens Mobility profitability takes a hit

Image: Siemens Mobility

The profitability of Siemens Mobility is expected to come out at 7.5 to 8.5 percent in 2022, Siemens said in its financial presentation for the third quarter released on Thursday. The company had previously targeted 10-10,5 percent. Revenue is expected to stay level.

In the third quarter, revenue came out at 2.5 billion euros, up 4 percent compared to the same period last year. Siemens Mobility’s profit came out at 704 million euros, mainly driven by the sale of Yunex. The Mobility division recorded 2.8 billion euros in orders. This was significantly less than the 5.1 billion euros registered last year, but that was due to an extraordinary 2.8-billion order at the time.

Siemens Mobility trailed the other divisions – Digital Industries and Smart Infrastructure – by some margin. Siemens’ total orders grew from 20.5 billion to 22 billion euros year on year, with revenue up 4 percent to 17.9 billion euros. The company recorded a net loss of 1.5 billion euros for the quarter nonetheless, due to an impairment in its stake in Siemens Energy.

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Author: Nick Augusteijn

Chief Editor, RailTech.com

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