Siemens reported an 8 percent decline in profits for the second business quarter from January to March 2023. The company announced a profit of 2.2 billion euros, which appears solid compared to many other German firms that are far from reporting gains. Revenue remained stable at 19.8 billion euros, while order intake rose by 11 percent to 24.1 billion euros.
Roland Busch, CEO of Siemens, stated, "We delivered a successful second quarter, despite the still very challenging geopolitical environment." The Digital Industries division continued to recover in the second quarter after previously suffering from inventory issues and announced job cuts. The results in this area increased from 634 million to 857 million euros.
The Smart Infrastructure division contributed the highest share of earnings, although its results fell by 20 percent to 1.1 billion euros. The previous year's comparison benefited from a positive one-time effect of over 300 million euros. The Mobility division, which focuses on railways, contributed 208 million euros to the results, reflecting a decline of over 25 percent compared to the previous year, partly due to U.S. tariffs.
Siemens recently raised its forecast for the current year and announced a new share buyback program. Over the next five years, the company plans to allocate up to 6 billion euros for this purpose. These figures have now been confirmed and demonstrate the company's confidence in a challenging market environment.
