Figures for the first quarter of 2019
Strong order intake, falling profit at Siemens
Siemens has announced its figures for the first quarter of 2019. While incoming orders set a new record, profits halved. The 'Digital Factory' and 'Process Industries and Drives' divisions recorded some of the strongest sales growth.
Siemens CEO Joe Kaeser begins the announcement of the figures for the first quarter of the current fiscal year with a review of the World Economic Forum 2019: "Just last week, I met many customers, business partners and government representatives in Davos. Global sentiment has turned around. The euphoria that prevailed there last year has evaporated. The pendulum has swung to the other side." In particular, the domestic political volatility in the USA, the directionless debates surrounding Brexit and the tone of the trade disputes - especially between China and the USA - have had an impact. Kaeser continued: "Ongoing geopolitical uncertainties can indeed have an impact on our customers' investment decisions. However, we have been talking about this for years and have prepared ourselves for it."
As far as Siemens' business specifically is concerned, the picture at the start of the 2019 fiscal year is mixed: on a comparable basis, i.e. adjusted for portfolio and currency translation effects, order intake rose by 13% year-on-year to over €25 billion. Sales grew only slightly by 2% to 20.1 billion euros. By contrast, profit after tax fell significantly - by almost 50% to 1.1 billion euros.
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