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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