Siemens’ Q3 results were a mixed bag with orders and revenues above consensus, but profitability below it. The hit to profitability primarily came from a €2.7bn impairment of Siemens Energy. The remainder came from another round of impairments related to the Russian operations. CFO and FCF, however, were above expectations. The group also accelerated its buyback programme. Following the release, the group altered its FY22 outlook, mainly driven by the impairment charge (already expected) and inc ....
