Siemens Makes a Successful Start to Fiscal 2024

Siemens made a successful start to fiscal 2024 with a strong performance in the first quarter that ended December 31. At €2.7 billion, Profit Industrial Business increased at nearly all industrial businesses to reach a record high for the first quarter of a fiscal year.

On this basis, Siemens confirms its outlook for the current fiscal year 2024. As announced in November 2023, the company is also initiating a new share buyback program in the near term with a volume of up to €6 billion over a period of up to five years.

“Siemens again delivered a strong quarter, maintaining a trajectory of profitable growth. We expanded our partnerships with Microsoft and AWS to make artificial intelligence even more accessible. Our customers have full confidence in us as their technology partner to support them with their digital and sustainability transformations,” said Roland Busch, President and CEO of Siemens.

In 1Q24, Siemens increased revenue by 6% on a comparable basis to €18.4 billion from €18.1 billion in 1Q23. Orders totaled €22.3 billion, a 2% increase year-over-year on a comparable basis. The book-to-bill ratio was a strong 1.21. The order backlog was at a record level of €113 billion.

Profit Industrial Business totaled €2.7 billion, an increase of 3% and a new record for the first quarter of a fiscal year.

Revenue at Digital Industries totaled €4.6 billion and remained nearly stable on a comparable basis. In a challenging environment, order intake at Smart Infrastructure was a strong €5.8 billion and at the same high level as in the prior-year quarter. Mobility increased revenue by 12% on a comparable basis to €2.7 billion.