Siemens Announces Successful Start to Fiscal 2024

Summary

Siemens' fiscal 2024 is off to a great start.

"Siemens again delivered a strong quarter, maintaining a trajectory of profitable growth," said Roland Busch, president and CEO of Siemens AG. "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."

“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,” said Ralf P. Thomas, chief financial officer of Siemens AG.

The report showed the following:

• 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