Siemens Q1 profit rises
Christian Fernsby ▼ | February 5, 2020
Siemens reported today that its first quarter net income attributable to shareholders rose to 1.08 billion euros from 1.01 billion euros last year.Article continues below
Topics: SIEMENS
The latest quarter's results included substantially better results outside Industrial Businesses compared to the year-ago period.
Adjusted EBITA for Industrial Business declined to 1.43 billion euros from 2.04 billion euros last year, due mainly to a loss in Siemens Gamesa Renewable Energy or SGRE and market weakness for short-cycle businesses.
Adjusted EBITA margin Industrial Businesses was 7.3 percent, down from 10.5 percent last year, held back by 0.2 billion euros in severance charges, which reduced adjusted EBITA margin Industrial Businesses by 1.0 percentage points.
Revenue for the quarter grew 1 percent to 20.32 billion euros from 20.12 billion euros last year.
Orders for the quarter declined 2 percent to 24.76 billion euros from 25.17 billion euros a year ago, as sharply lower volume from large orders in Mobility more than offset increases in the majority of industrial businesses, particularly in SGRE.
On a comparable basis, excluding currency translation and portfolio effects, orders declined 4 percent and revenue decreased 1 percent. The book-to-bill ratio was 1.22 and the order backlog reached a new high at 149 billion euros.
Looking ahead to fiscal 2020, Siemens affirmed its outlook for basic earnings per share from net income in a range of 6.30 euros to 7.00 euros, compared to 6.41 euros in fiscal 2019. This outlook excludes charges related to legal and regulatory matters.
Siemens also maintained its outlook for moderate growth in full-year comparable revenue, net of currency translation and portfolio effects, and a book-to-bill ratio above 1.
As previously announced, Siemens plan to carve out Gas and Power and to contribute its 59 percent stake in Siemens Gamesa Renewable Energy or SGRE to create a new entity, Siemens Energy.
For this entity, the company plans a spin off and public listing before the end of fiscal 2020, with Siemens Energy becoming part of discontinued operations prior to the spin off. ■ What to read next
Upper-level ridging weakens from the Ohio Valley to the Southeast on Friday, resulting in a reduced area of Heat Advisories over the east.
Latest Baker Hughes: U.S. oil rig count down by 6 to 432
Malaysia introduces new rules prohibiting all plastic waste imports from U.S.
Kazakh-German JV Skyhansa to build $500 mln airport near Chinese border
Ukrainian poultry products gained access to Oman market
U.S.: Severe thunderstorms in the Northern Plains and Upper Midwest
Former U.S. senator Bob Menendez begins serving 11-year bribery sentence
Russian-linked tanker crew accused in Finland-Estonia undersea cable sabotage probe
Croatia: Former minister sentenced to two years of imprisonment for abuse of office and authority
U.S.: Widespread showers across the eastern half, severe thunderstorms in Montana into the Plains
Vietnam encourages private businesses to invest in railway sector
Baker Hughes: U.S. oil rig count down by 1 to 438
AfDB to provide $184.1 million for Africa’s largest solar energy and battery storage project
EIB supports Bay of Biscay electricity interconnection between Spain and France
U.S., UK, and Congolese officials inaugurate Kiswishi City Special Economic Zone
Trending Now
Cuban President begins official visit to Belarus
EU adopts new tariffs on Russian and Belarusian agricultural goods and fertilisers
EU proposes banning LNG gas imports from Russia by end of 2027
New York Governor announces Sullivan County broadband project
Zimbabwe to ban lithium concentrate exports
Today We Recommend Highlights
750 new jobs coming to Michigan
LS Cable and unit join Korea-Japan submarine cable project
WFS to open new multi-purpose terminal at Lyon Airport
CEVA Logistics renews contract to transport aeronautics parts between France, Morocco, Tunisia
Malian government takes over Canadian-owned Barrick Gold mine
Isomorphic Labs appoints Ben Wolf as chief medical officer
Vodacom names new international markets CEO
David Andreadakis joins Loyalty Juggernaut as chief commercial officer
Tom Montali joins CSL as business development director
Concirrus appoints Steve O'Reilly as product manager
Russia's trade surplus falls 18.3% to $42.4 bln in January-April
U.S. economy in Q1 revised up to 0.2-pct contraction
Japan loses top creditor position for first time in 34 years
NZ exports to EU jump 28% in first year of trade deal
EU generated €39.2 billion surplus in trade in agricultural products
Lockton revenue $3.55 billion
Motorcar Parts of America Q4 sales $189.5 million
Limoneira Q2 revenue $44.6 million
Lululemon athletica Q1 revenue increased 10% to $2.2 billion
PVH Q1 GAAP EBIT $205 million
Niger set to monetize massive gas reserves through Saharan natural gas pipeline
Putting the brakes on EV folly that choked the market
Oil discovery in Kavango Basin may mean huge benefits for Namibians
Cape Town and Dubai battle over Africa's energy future
Is America going to lose its superpower status?
FLI tests mobile One Health laboratory for diagnosing highly pathogenic pathogens
First vaccine against swine dysentery disease recommended for approval
USDA expands fruit pest quarantines in New York and California
Peru records 23.6% growth in agricultural export sales compared to 2024
China allows imports of rapeseed meal, soybean meal from Uruguay
Employers prefer younger job candidates for AI roles although experienced workers perform same or better
Study finds workers misjudge wage markets
Some organizations may need to expand their hierarchical structures earlier than others
Study finds there's right way and wrong way to deliver negative feedback in workplace
Allyship is critical and its needs appreciation
EU fines carmakers €458 million for anti-recycling cartel
Commission fines Pierre Cardin and its licensee Ahlers €5.7 million for restricting cross-border sales of clothing
BHP, Vale agree to pay $30B damages for Brazil dam disaster
Commission fines České dráhy and Österreichische Bundesbahnen €48.7 million over collusion to exclude common compe
SEC charges Keurig with making inaccurate statements regarding recyclability of K-Cup beverage pod
Magazine
Morocco’s first Radisson branded hotel opens in Casablanca
Buna channels, an unreal and beautiful part of Bosnia and Herzegovina
JW Marriott unveils Mindful Haven with opening of JW Marriott Hotel Nairobi
Sotheby's Sports Week returns with fantastic artifacts
Red Roof properties open in Michigan
2025 Chevrolet Equinox stands apart with fresh looks and capability
Hill Helicopters HX50, luxury in the sky
Opel Movano becomes fully equipped camper van
Porsche Panamera, new hybrid variants
Dodge Charger, 670 horsepower of electric
Embellish your home with PVC panels
You'll have to hurry if you want one of 20 new Louis Vuitton watches
Luxury duvet looks good, fells good and keeps you healthy
Vacheron Constantin, watches for life and more
Schüller kitchens, where functionality marries design
reMarkable 2, monochrome tablet for your thoughts and your eyes
OnePlus Ace 3V, first with Snapdragon 7 Plus Gen 3
ASUS Zenfone 11 Ultra, flagship with a reason
Samsung Galaxy S24 is photography powerhouse
Casette tapes are making a big comeback, and so are portable players
Hong Kong researchers develop needle-free flu vaccine with broad protection
World's first vaccines that don't need refrigeration entered trials
First patient enrolled in Phase 1 clinical trial of Akiram’s cancer drug candidate
FDA grants marketing authorization of first home test for chlamydia, gonorrhea and trichomoniasis
Human cases of anthrax reported in western Mongolia
Mission to "weigh" all of Earth's forests from space launched
NASA's SPHEREx space telescope begins mapping entire sky
Russian academics, gas industry experts see undersea LNG transportation as feasible
India launches space docking experiment mission
World-first carbon-14 diamond battery made