Siemens has started off fiscal 2021 with a strong first quarter. The company also appointed Roland Busch as the future President and CEO.
From October to December 2020, orders, revenue and net income considerably exceeded both the prior-year figures and market expectations despite the still complex macroeconomic environment due to the COVID-19 pandemic and despite negative currency translation effects. As a result, Siemens has significantly raised its annual guidance for fiscal 2021 at key points.
The company has successfully completed the succession process for its top management. As long planned, Roland Busch (56) has succeeded long-serving President and CEO Joe Kaeser (63) as head of the Munich-based technology company.
“I’d like to thank our customers for their great trust, our partners for their excellent collaboration and, not least, our colleagues for their outstanding commitment. All of this provides the basis for our strong start to the new fiscal year. As a focused technology company, we’re helping our customers to transform their businesses every day, particularly in these difficult times. For this, we have the right team and the right setup at the right time,“ said Busch.
In the first quarter of 2021, Siemens increased Group revenue by seven percent on a comparable basis to €14.1 billion, with contributions by all Industrial Businesses and the strong development in China and Germany. Orders grew by 15 percent on a comparable basis to €15.9 billion, driven primarily by a higher volume from large orders at Mobility.
Adjusted EBITA Industrial Businesses climbed sharply by 39 percent to €2.1 billion despite substantial headwinds due to currency translation effects. Adjusted EBITA margin Industrial Businesses rose considerably to 16.0 percent. Net income rose 38 percent to €1.5 billion. Siemens also significantly increased free cash flow to €1.0 billion.
Siemens continues to expect a complex macroeconomic environment influenced by COVID-19. The company already saw improving conditions in some of its businesses and geographic regions during the first quarter of fiscal 2021. Based on the assumption that these conditions continue in coming quarters, particularly for its short-cycle businesses, Siemens raises its outlook for the fiscal year.
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