Siemens Healthineers 3Q Earnings Suffer on Higher Costs; Covid-19 Sales Dwindle
03 August 2022 - 3:45PM
Dow Jones News
By Cecilia Butini
Siemens Healthineers AG said Wednesday that its earnings for the
third quarter of fiscal 2022 took a hit from higher costs, while
revenue from coronavirus-related products declined on-year.
The German medical-equipment maker posted net profit of 364
million euros ($370.1 million) for the quarter ending on June 30,
down from EUR395 million the previous year. Adjusted earnings
before interest and taxes also declined to EUR765 million from
EUR945 million the year prior, while basic earnings per share
dropped to EUR0.32 from EUR0.35 the previous year. Chief Executive
Bernd Montag said that cost increases burdened profits.
Quarterly revenue grew slightly to EUR5.19 billion from EUR5
billion the previous year, but it declined 5.7% on a comparable
basis when accounting for outstanding growth the previous year, the
company said.
The drop was due to a markedly lower contribution from sales of
Covid-19 antigen tests, Siemens Healthineers said. Lockdowns in
China also contributed to a challenging environment, the company
said.
Nonetheless, Siemens Healthineers backed its guidance for fiscal
year 2022, saying it continues to expect comparable revenue growth
of between 5.5% and 7.5%, and adjusted basic earnings per share of
between EUR2.25 and EUR2.35.
Write to Cecilia Butini at cecilia.butini@wsj.com
(END) Dow Jones Newswires
August 03, 2022 01:30 ET (05:30 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
Siemens Healthineers (TG:SHL)
Historical Stock Chart
From Mar 2024 to Apr 2024
Siemens Healthineers (TG:SHL)
Historical Stock Chart
From Apr 2023 to Apr 2024