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Siemens Partners With E.ON to Expand EV Charging Network in Europe
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Siemens Aktiengesellschaft (SIEGY - Free Report) announced that Siemens Smart Infrastructure and E.ON Drive Infrastructure signed a global framework agreement to improve Europe's electric vehicle charging infrastructure. The partnership will provide Siemens access to the web-based backend service Sifinity Control and DC charging stations.
Plans of the Siemens-E.ON Partnership
The agreement boosts Europe's charging infrastructure, with a focus on areas like Germany, Italy, Sweden and the U.K. This collaboration is expected to make a substantial contribution to Europe's e-mobility growth by offering a seamless and efficient charging experience for millions of electric vehicle users.
Over the following two years, the companies will develop the latest technologies. Under the partnership, they will work on developing innovations like truck charging and Megawatt charging to meet the growing demand for electric road transport.
SIEGY Advances eMobility at IAA Transportation 2024
In other developments, Siemens eMobility highlighted its recent advancements at the IAA Transportation 2024 in Hannover, which is one of the world's largest mobility trade fairs.
Siemens eMobility's acquisition of Heliox expands its IoT capabilities, strengthening its position in electric vehicle charging for fleets and depots. Siemens and Heliox are supporting Hamburg's transition to an emission-free bus fleet by 2030. They have installed 553 charging points, with Siemens providing 324 (50 MW capacity) and Heliox adding 229.
Siemens’ Q3 Top Line Declines Y/Y
The company came out with third-quarter fiscal 2024 earnings of $1.35 per share. SIEGY posted earnings per share of $2.37 in the second quarter of fiscal 2023.
Siemens posted revenues of $20.3 billion for the quarter ended June 2024, missing the Zacks Consensus Estimate of $21.5 billion. This compares to year-ago revenues of $21.1 billion million.
SIEGY Share Price Outperforms Industry’s Growth
Siemens’ shares have gained 26.7% in the past year compared with the industry’s 5.5% growth.
The Zacks Consensus Estimate for Crane’s 2024 earnings is pegged at $5.07 per share. The consensus estimate for 2024 earnings has moved north by 6% in the past 60 days. The company has a trailing four-quarter average earnings surprise of 11.2%. CR shares have gained 75.2% in a year.
Flowserve has an average trailing four-quarter earnings surprise of 18.2%. The Zacks Consensus Estimate for FLS’ 2024 earnings is pinned at $2.76 per share, which indicates year-over-year growth of 31.6%. The consensus estimate for 2024 earnings has moved north by 4% in the past 60 days. The company’s shares have gained 27.5% in a year.
The Zacks Consensus Estimate for Cintas’ 2024 earnings is pegged at $16.64 per share. The consensus estimate for 2024 earnings has moved north by 1% in the past 60 days. The company has a trailing four-quarter average earnings surprise of 4%. CTAS shares have gained 60.4% in a year.
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Siemens Aktiengesellschaft (SIEGY - Free Report) announced that Siemens Smart Infrastructure and E.ON Drive Infrastructure signed a global framework agreement to improve Europe's electric vehicle charging infrastructure. The partnership will provide Siemens access to the web-based backend service Sifinity Control and DC charging stations.
Plans of the Siemens-E.ON Partnership
The agreement boosts Europe's charging infrastructure, with a focus on areas like Germany, Italy, Sweden and the U.K. This collaboration is expected to make a substantial contribution to Europe's e-mobility growth by offering a seamless and efficient charging experience for millions of electric vehicle users.
Over the following two years, the companies will develop the latest technologies. Under the partnership, they will work on developing innovations like truck charging and Megawatt charging to meet the growing demand for electric road transport.
SIEGY Advances eMobility at IAA Transportation 2024
In other developments, Siemens eMobility highlighted its recent advancements at the IAA Transportation 2024 in Hannover, which is one of the world's largest mobility trade fairs.
Siemens eMobility's acquisition of Heliox expands its IoT capabilities, strengthening its position in electric vehicle charging for fleets and depots. Siemens and Heliox are supporting Hamburg's transition to an emission-free bus fleet by 2030. They have installed 553 charging points, with Siemens providing 324 (50 MW capacity) and Heliox adding 229.
Siemens’ Q3 Top Line Declines Y/Y
The company came out with third-quarter fiscal 2024 earnings of $1.35 per share. SIEGY posted earnings per share of $2.37 in the second quarter of fiscal 2023.
Siemens posted revenues of $20.3 billion for the quarter ended June 2024, missing the Zacks Consensus Estimate of $21.5 billion. This compares to year-ago revenues of $21.1 billion million.
SIEGY Share Price Outperforms Industry’s Growth
Siemens’ shares have gained 26.7% in the past year compared with the industry’s 5.5% growth.
Image Source: Zacks Investment Research
SIEGY’s Zacks Rank & Stocks to Consider
Siemens currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the Industrial Products sector are Crane Company (CR - Free Report) , Flowserve Corporation (FLS - Free Report) and Cintas Corporation (CTAS - Free Report) . These three companies have a Zacks Rank #2 (Buy) at present. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for Crane’s 2024 earnings is pegged at $5.07 per share. The consensus estimate for 2024 earnings has moved north by 6% in the past 60 days. The company has a trailing four-quarter average earnings surprise of 11.2%. CR shares have gained 75.2% in a year.
Flowserve has an average trailing four-quarter earnings surprise of 18.2%. The Zacks Consensus Estimate for FLS’ 2024 earnings is pinned at $2.76 per share, which indicates year-over-year growth of 31.6%. The consensus estimate for 2024 earnings has moved north by 4% in the past 60 days. The company’s shares have gained 27.5% in a year.
The Zacks Consensus Estimate for Cintas’ 2024 earnings is pegged at $16.64 per share. The consensus estimate for 2024 earnings has moved north by 1% in the past 60 days. The company has a trailing four-quarter average earnings surprise of 4%. CTAS shares have gained 60.4% in a year.