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News08 February 2024Siemens AGSiemens Korea, Seoul

[Global News] Successful start to fiscal 2024

Siemens made a successful start to fiscal 2024 with a strong performance in the first quarter (ended December 31, 2023). At €2.7 billion, Profit Industrial Business increased at nearly all industrial businesses to reach a record high for the first quarter of a fiscal year. On this basis, Siemens confirms its outlook for the current fiscal year 2024. As announced in November 2023, the company is also initiating a new share buyback program in the near term with a volume of up to €6 billion over a period of up to five years.

In Q1 2024, strong order intake was reported primarily led by Mobility and Smart Infrastructure (SI); orders at Mobility nearly doubled with a higher volume of large orders, while that of Smart Infrastructure (SI) remained on a high level with a number of major contract wins. Revenue increased in most industrial businesses mainly driven by a double-digit increase at Mobility, despite a moderate decline at Digital Industries (DI). Notable profit increases were also achieved in nearly all industrial businesses; Smart Infrastructure (SI) reached its highest-ever quarterly profit on a strong operating performance.

“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,” said Roland Busch, President and CEO of Siemens AG.

Financial Highlights:

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

Learn More

Q1 FY2024 Earnings Release and Financial Results

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Siemens Korea

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Republic of Korea

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