Siemens Energy preliminary financial results for the first quarter are above market expectations mainly due to project shifts and timing effects across all businesses and continued momentum across Gas Services, Grid Technologies and Transformation of Industry.
Order intake increased by 23.9% on a comparable basis (excluding currency translation and portfolio effects) to 15.38 billion. Revenue increased by 12.6% on a comparable basis to 7.65 billion. Profit before special items for Siemens Energy amounted to 208 million (Q1 FY 2023: minus 282 million), which corresponds to a margin before special items of 2.7%. Free Cash Flow came in at minus 283 million (Q1 FY 2023: minus 58 million) due to the expected high cash outflow at Siemens Gamesa.
Overall, Siemens Energy continues to see a positive market environment. However, project shifts and timing effects which create shifts between quarters are not unusual for plant engineering businesses. Therefore, Siemens Energy still maintains its guidance for the current fiscal year. For the fiscal year ending September 30, 2024 Siemens Energy expects comparable revenue growth (excluding currency translation and portfolio effects) in a range of 3% to 7% and a profit margin before special items between minus 2% and plus 1%.
For the first quarter of fiscal year 2024 the preliminary results are:
Siemens Energy
Order intake: 15,381m (Q1 FY2023: 12,727m; consensus 12,393m), up 23.9% comparable
Revenue: 7,649m (Q1 FY2023: 7,064m; consensus: 7,357m), up 12.6% comparable
Profit: 1,878m (Q1 FY2023: neg. 384m) which includes book gains from disposals
Profit before Special Items: 208m (Q1 FY2023: neg. 282m; consensus: neg. 106m), reflecting a margin of 2.7% (Q1 FY2023: neg. 4.0%; consensus: neg. 1.4%)
Free cash flow pre tax: neg. 283m (Q1 FY2023: neg. 58m)
Gas Services
Order intake: 4,096m (Q1 FY2023: 3,751m; consensus 3,566m), up 13.1% comparable
Revenue: 2,670m (Q1 FY2023: 2,558m; consensus: 2,508m), up 10.9% comparable
Profit before Special Items: 313m (Q1 FY2023: 323m; consensus: 285m), reflecting a margin of 11.7% (Q1 FY2023: 12.6%; consensus: 11.4%)
Free cash flow pre tax: 236m (Q1 FY2023: 381m)
Grid Technologies
Order intake: 8,236m (Q1 FY2023: 6,309m; consensus 5,910m), up 32.9% comparable
Revenue: 2,082m (Q1 FY2023: 1,593m; consensus: 1,947m), up 33.1% comparable
Profit before Special Items: 213m (Q1 FY2023: 114m; consensus: 157m), reflecting a margin of 10.2% (Q1 FY2023: 7.1%; consensus: 8.1%)
Free cash flow pre tax: 767m (Q1 FY2023: 367m)
Transformation of Industry
Order intake: 1,638m (Q1 FY2023: 1,204m; consensus 1,434m), up 39.0% comparable
Revenue: 1,140m (Q1 FY2023: 995m; consensus: 1,077m), up 17.8% comparable
Profit before Special Items: 105m (Q1 FY2023: 57m; consensus: 64m), reflecting a margin of 9.2% (Q1 FY2023: 5.7%; consensus: 6.0%)
Free cash flow pre tax: 95m (Q1 FY2023: neg. 60m)
Siemens Gamesa:
Order intake: 1,565m (Q1 FY2023: 1,609m; consensus 1,626m), up 0.9% comparable
Revenue: 2,043m (Q1 FY2023: 2,008m; consensus: 1,958m), up 4.8% comparable
Profit before Special Items: neg. 426m (Q1 FY2023: neg. 759m; consensus: neg. 576m), reflecting a margin of neg. 20.9% (Q1 FY2023: neg. 37.8%; consensus: neg. 29.4%)
Free cash flow pre tax: neg. 1,172m (Q1 FY2023: neg. 610m)
