Press release
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february 05, 2021 - Siemens
Earnings Release Q1 FY 2021: Outstanding start to fiscal 2021 – Guidance raised
- Orders surged 15% on a comparable basis, excluding currency translation and portfolio effects, and revenue was up 7%, with all industrial businesses contributing to growth
- On a nominal basis, orders climbed 11% to €15.9 billion, driven by higher volume from large orders in #mobility; revenue rose 3%, to €14.1 billion; the book-to-bill ratio was 1.13
- Adjusted EBITA Industrial Businesses jumped 39% to €2.1 billion, including strong operating performances and sharply lower severance charges, resulting in Adjusted EBITA margin Industrial Businesses of 16.0%
- Net income rose substantially to €1.5 billion; corresponding increase in basic earnings per share (EPS) to €1.72
- Strong Free cash flow from continuing and discontinued operations of €1.0 billion (Q1 FY 2020: €44 million)
Outlook
We continue to expect a complex macroeconomic environment influenced by COVID-19. We already saw improving conditions in some of our businesses and geographic regions during the first quarter of fiscal 2021. Based on the assumption that these conditions continue in coming quarters, particularly for our short-cycle businesses, we raise our outlook for the fiscal year.We continue to anticipate that negative currency effects will strongly burden both nominal growth rates in volume and Adjusted EBITA for our industrial businesses in fiscal 2021.
We raise our previous expectation of moderate comparable revenue growth for the Siemens Group, net of currency translation and portfolio effects, to mid- to high-single-digit growth. We continue to expect a book-to-bill ratio above 1.
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% to 20%, 2 percentage points higher.
Smart Infrastructure continues to expect to achieve moderate comparable revenue growth in fiscal 2021. The expectation for Adjusted EBITA margin is now 10.5% to 11.5%, 0.5 percentage points higher.
Mobility continues to anticipate mid-single-digit comparable revenue growth and an Adjusted EBITA margin at 9.5% to 10.5% in fiscal 2021.In line with the expectations described above, we raise our outlook for net income to the range from €5.0 to €5.5 billion, well above the previous expectation of only moderate growth compared to €4.2 billion in fiscal 2020.
Excluded from this outlook are burdens from legal and regulatory issues and effects in connection with #siemens Healthineers’ planned acquisition of Varian Medical Systems, Inc., which is expected to close in the first half of calendar 2021.
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