Siemens Clocks 17 Percent Revenue Growth in Q1; Discloses Asset Divestment Plans

By Benzinga
Benzinga
Benzinga
February 10, 2022 Updated: February 10, 2022

Siemens AG reported first-quarter FY22 revenue growth of 17 percent year-on-year to €16.5 billion. Orders rose 52 percent Y/Y to €24.2 billion.

Orders increased 42 percent, and revenue rose 9 percent on a comparable basis.

Profit Industrial Business increased 12 percent Y/Y, to €2.5 billion, and the corresponding profit margin came in at 15.7 percent (Q1 2021: 16.5 percent).

The basic EPS was €2.05, and EPS before purchase price allocation accounting was €2.24.

Siemens generated €1.1 billion in free cash flow.

Dividend

Siemens proposes to increase the dividend from €3.50 a year earlier to €4.00 per share.

Outlook

For FY22, Siemens sees mid-single-digit comparable revenue growth, net of currency translation, and portfolio effects, and a book-to-bill ratio above 1.

Siemens sees basic EPS from net income before purchase price allocation accounting of €8.70 – €9.10.

Asset Sale

Siemens agreed to sell the post and parcel business of Siemens Logistics to Körber AG.

Additionally, Siemens will sell its stake in the joint venture Valeo Siemens eAutomotive to Valeo.

Siemens announced the sale of its road traffic unit Yunex Traffic to Atlantia in January.

By Anusuya Lahiri

© 2021 The Epoch Times. The Epoch Times does not provide investment advice. All rights reserved.

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