First-quarter revenue rose 6% on a comparable basis, excluding currency translation and portfolio effects, and orders increased 2% compared to the same quarter a year earlier
On a nominal basis, revenue rose 2% to €18.4 billion and orders came in slightly lower year-over-year at €22.3 billion, for a book-to-bill ratio of 1.21
Profit Industrial Business was €2.7 billion with a profit margin of 15.8%, both slightly higher year-over-year
Net income climbed 56%, to €2.5 billion, including €0.5 billion from Siemens Energy Investment; corresponding basic earnings per share (EPS) were €3.03 and EPS before purchase price allocation accounting (EPS pre PPA) were €3.19; excluding €0.61 per share related to Siemens Energy Investment, EPS pre PPA were €2.58
Free cash flow rose sharply to €1.0 billion driven by Industrial Business
Siemens again delivered a strong quarter, maintaining a trajectory of profitable growth. We expanded our partnerships with Microsoft and AWS to make artificial intelligence even more accessible. Our customers have full confidence in us as their technology partner to support them with their digital and sustainability transformations.
Roland Busch, President and Chief Executive Officer of Siemens AG
Our Free cash flow rose to above €1 billion – a clear increase over the prior-year quarter. Our focus remains on our execution strength, and we confirm our outlook for fiscal 2024.
Ralf P. Thomas, Chief Financial Officer of Siemens AG
We confirm our outlook for fiscal 2024. We continue to assume that geopolitical tensions do not further increase. Under this condition, we expect our Industrial Business to continue its profitable growth.
For the Siemens Group we expect comparable revenue growth, net of currency translation and portfolio effects, in the range of 4% to 8% and a book-to-bill ratio above 1.
Digital Industries expects for fiscal 2024 comparable revenue development of 0% to 3%. This is based on the assumption that following destocking by customers, global demand in the automation businesses, especially in China, will pick up again in the second half of the fiscal year. The profit margin is expected to be 20% to 23%.
Smart Infrastructure expects for fiscal 2024 comparable revenue growth of 7% to 10%. The profit margin is expected to be 15% to 17%.
Mobility expects for fiscal 2024 comparable revenue growth of 8% to 11%. The profit margin is expected to be 8% to 10%.
We expect this profitable growth of our Industrial Business to drive an increase in basic EPS from net income before purchase price allocation accounting (EPS pre PPA) to a range of €10.40 to €11.00 in fiscal 2024, excluding a positive €0.61 per share from Siemens Energy Investment in the first quarter of fiscal 2024. With termination of equity method accounting, Siemens Energy Investment is not expected to have additional effects on EPS going forward. EPS pre PPA excluding Siemens Energy Investment in fiscal 2023 was €9.93.
This outlook excludes burdens from legal and regulatory matters.
Please read the complete Earnings Release and Financial Results:
Earnings Release Q1 FY 2024 October 1 to December 31, 2023: Successful start to fiscal 2024
Starting today at 07:30 a.m. CET, the press conference call on Siemens' first-quarter results for fiscal 2024 will be broadcast live at www.siemens.com/conferencecall.
Starting today at 08:30 a.m. CET, you can also follow the conference call for analysts and investors live at www.siemens.com/analystcall.
Recordings of the press conference call and the conference call for analysts and investors will be made available afterwards.
Starting today at 10:00 a.m. CET, we will also provide a live video webcast of speeches given at Siemens’ Annual Shareholders' Meeting in Munich, Germany by Werner Brandt, Chair of the Annual Shareholders’ Meeting, and by CEO Roland Busch. You can access the webcast at www.siemens.com/press/agm. A video of the speeches will be available after the live webcast.
Financial publications are available for download at: www.siemens.com/ir