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.
The Group reported new major orders in the Smart Infrastructure segment. Among other things, these ensured that incoming orders increased by one percentage point on a comparable basis. According to the Group, this development is attributable to growth in the Buildings business, particularly in the USA and Germany, as well as continued strong demand from data centers and in the area of energy distribution. However, the reported order intake of EUR 5.831 billion was lower overall than in the same quarter of the previous year (EUR 5.997 billion) due to negative currency effects. Sales increased in all regions, rising from EUR 4.585 billion in the first quarter of 2023 to EUR 4.827 billion in the past quarter. Growth was led by revenue from the Electrification business, which achieved double-digit growth rates in all regions. According to the Group, both earnings and profitability reached a record level with higher sales revenue, increased capacity utilization and a positive effect of EUR 94 million from the partial reversal of a liability in connection with previous portfolio activities.