Siemens Posts Higher 1Q Profit, Revenue
February 10 2022 - 1:47AM
Dow Jones News
By Ed Frankl
Siemens AG said Thursday that first-quarter profit and revenue
grew as it continues to refocus itself as a leaner
technology-centered company.
Net income in the three months to the end of December was 1.64
billion euros ($1.87 billion) compared with EUR1.38 billion the
previous year, the Munich-based company said.
Siemens said it leveraged growth opportunities in key markets to
achieve increases across all its industrial businesses.
Revenue rose to EUR16.50 billion from EUR14.07 billion, on
orders that jumped 42% on a comparable basis to EUR24.21 billion--a
book-to-buy ratio of 1.47, which Siemens called "an extraordinarily
high level".
"We had a very successful start into fiscal 2022. All our
businesses continued their high-value growth," Chief Executive
Roland Busch said.
Analysts had expected revenue at EUR15.95 billion and orders at
EUR18.03 billion, according to consensus estimates provided by the
company.
Despite continued disruptions due to the pandemic, and
continuing supply-chain risks, major disruptions have been avoided,
although deliveries of some products to customers have been
delayed, the company said.
The results come after Siemens late on Wednesday continued its
strategy on refocusing the company.
Siemens sold its postal logistics arm to Koerber Group for a an
enterprise value of EUR1.15 billion, and agreed to sell its 50%
stake in Valeo Siemens eAutomotive to Valeo, with a positive
earnings effect due of around EUR300 million.
The company confirmed its 2022 full-year outlook.
Write to Ed Frankl at edward.frankl@dowjones.com
(END) Dow Jones Newswires
February 10, 2022 01:32 ET (06:32 GMT)
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