Siemens Healthineers 3Q Earnings Suffer on Higher Costs; Covid-19 Sales Dwindle

   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 [e-mail]

(END) Dow Jones Newswires

August 03, 2022 01:30 ET (05:30 GMT)

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