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 decline in incoming orders compared to the high level in Q1/2023 is due to the fact that the same quarter of the previous year included a higher volume of larger orders. Due to the strong processing of the order backlog, sales revenue increased on a comparable basis in all businesses. Negative currency translation effects held back the development of incoming orders and sales revenue by five percentage points in each case. Innomotics made the largest contribution to earnings. In the first quarter of 2023, Siemens still benefited from a gain of €140 million from the sale of the Commercial Vehicles business. Earnings and overall profitability were impacted by negative currency effects.