Siemens Outperforms Expectations in Q1 FY2023

Siemens started fiscal 2023 with a strong performance and maintained its continuing growth momentum with very good results in Q1 (ended December 31, 2022). The company leveraged growth opportunities in its key markets despite a still complex macroeconomic environment.

Revenue in the period was up 8 percent on a comparable basis to €18.1 billion. Net income was at €1.6 billion, down 11 percent YoY, while profit in the Industrial Business was at a record level, €2.7 billion, a 9 percent increase. Following the strong start in fiscal 2023, Siemens raised its outlook for fiscal 2023.

For the Siemens Group, the company now expects comparable revenue growth, net of currency translation and portfolio effects, in the range of 7 percent to 10 percent, and continues to expect a book-to-bill ratio above 1. Furthermore, Siemens now expects this profitable growth of its industrial businesses to drive an increase in basic EPS from net income before purchase price allocation accounting to a range of €8.90 to €9.40.

“We achieved our all-time strongest start to a new fiscal year, with €2.7 billion in profit in our Industrial Business. The impressive growth momentum of our business in the first quarter once again highlights the great trust that our customers place in the relevance of our portfolio and our ability to perform. Our outstanding order backlog in terms of quality and quantity, together with the strong execution capabilities throughout Team Siemens, provide confidence for raising our outlook for fiscal 2023,“ said Roland Busch, President and CEO of Siemens.

“In the first quarter of fiscal 2023, we were able to seamlessly continue our strong operational performance from fiscal 2022. Digital Industries and Smart Infrastructure, in particular, achieved excellent results for the both top and bottom lines. With full order books and a temporary and deliberate build-up of critical inventories, we are well prepared for further profitable growth in the upcoming quarters. Accordingly, we raise our revenue and earnings targets for fiscal 2023,“ added Ralf P. Thomas, Siemens CFO.