Siemens quarterly figures Q1/2024Siemens starts better than expected
The first quarter of fiscal year 2024 went well for Siemens: Revenue from September to December 2023 increased nominally by 2% to EUR 18.4 billion, profit after tax by 56% and order intake was also better than many analysts would have expected.
Digital Industries is struggling with a weak order intake: on a like-for-like basis, order intake slumped by -31% to EUR 3.979 billion (Q1/2023: EUR 5.983 billion). The slump is mainly attributable to the automation business: the market environment weakened in comparison to the previous year; in addition, customers continued to reduce inventories after orders had previously been brought forward. Incoming orders in the software business also fell in comparison to the same quarter of the previous year, which included larger orders in the PLM business, according to the Group. The division recorded the sharpest decline by region in Asia - primarily due to China - and Australia. Earnings fell from EUR 1.119 billion in Q1/2023 to EUR 895 million in Q1/2024.