Siemens Q1 Profit, Orders Climb; Lifts FY21 Outlook - Quick Facts

Germany's Siemens AG (SIEGY.PK,SMAWF) reported Wednesday that its first-quarter net income climbed 38 percent to 1.50 billion euros from 1.09 billion euros last year. Basic earnings per share grew 29 percent to 1.72 euros from 1.33 euros a year ago.

Adjusted EBITA Industrial Businesses jumped 39 percent from last year to 2.13 billion euros, driven by strong operating performances and sharply lower severance charges. Adjusted EBITA margin Industrial Businesses was 16 percent, up from 11.7 percent a year ago.

Revenue grew 3 percent to 14.07 billion euros from 13.68 billion euros last year. Comparable revenue growth was 7 percent with all industrial businesses contributing to growth.

Orders climbed 11 percent to 15.94 billion euros from 14.36 billion euros last year, driven by higher volume from large orders in Mobility.

Orders surged 15 percent on a comparable basis.

Looking ahead, the company said it continues to expect a complex macroeconomic environment influenced by COVID-19.

However, with improving conditions in some of its businesses and geographic regions during the first quarter, the company has raised its outlook for fiscal 2021.

The company now expects full-year net income in the range of 5 billion euros to 5.5 billion euros, well above the previous expectation of only moderate growth compared to 4.2 billion euros in fiscal 2020.

The company now expects mid- to high-single-digit comparable revenue growth for the group, compared to previous expectation of moderate comparable revenue growth.

Digital Industries now expects fiscal 2021 comparable revenue to grow clearly year-over-year instead of modestly. The expectation for Adjusted EBITA margin is now 19 percent to 20 percent, 2 percentage points higher.

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