- Siemens Energy AG press release (OTCPK:SMEGF): Q1 GAAP EPS of €1.78.
- Revenue of €7.65B (+8.4% Y/Y).
- We confirm our outlook for fiscal year 2024. Orders increased year-over-year by 23.9% on a comparable basis (excluding currency translation and portfolio effects) to €15.4B.
- The book-to bill ratio (ratio of orders to revenue) was slightly above, driving the order backlog to a new high of €118B.
- Revenue came in at €7.6B reflecting a 12.6% increase on a comparable basis.
- Siemens Energy’s Profit before special items sharply improved to positive €208M.
- Profit for Siemens Energy came in at positive €1,878M (Q1 FY 2023: negative €384m).
- Due to the special items, Siemens Energy showed a Net income of €1,582M (Q1 FY 2023: Net loss €598M).
- Corresponding basic earnings per share (EPS) were positive €1.79 (Q1 FY 2023: negative €0.60).
- Free cash flow pre tax was negative with €283M (Q1 FY 2023: negative €58M).
- We expect for Siemens Energy a comparable revenue growth (excluding currency translation and portfolio effects) in a range of 3% to 7% and a Profit margin before special items between negative 2% and positive 1%.
- Furthermore, we expect a Net income of up to €1B including impacts from disposals and the acceleration of the portfolio transformation.
- We assume a negative Free cash flow pre tax of around €1.0B. In addition, we expect proceeds in a range of positive €2.5B to €3.0B from disposals and the acceleration of the portfolio transformation. The outlook for Siemens Energy does not include charges related to legal and regulatory matters.
Overall assumptions per business area:
- Gas Services assumes a comparable revenue growth of negative 4% to 0% and a Profit margin before special items of 9% to 11%.
- Grid Technologies plans to achieve a comparable revenue growth of 18% to 22% and a Profit margin before special items between 7% and 9%.
- Transformation of Industry expects a comparable revenue growth of 8% to 12% and a Profit margin before special items of 5% to 7%.
- Siemens Gamesa assumes a comparable revenue growth of 0% to positive 4% and a negative Profit before special items of around €2B.
