Siemens – Earnings Release and Financial Results Q1 FY 2024 – Successful start to fiscal 2024

February 8, 2024

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

Outlook

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.

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