BERLIN (dpa-AFX) - German conglomerate Siemens AG (SIEGY.PK) reported Thursday lower profit in its first quarter, hurt by the absence of prior year's hefty gain, while revenues and orders increased from last year.
Further, the firm raised fiscal 2026 adjusted earnings view, and backed revenue growth forecast.
In the first quarter, net income declined 43 percent to 2.22 billion euros from last year's 3.87 billion euros. Earnings per share fell to 2.58 euros from 4.66 euros a year ago.
The prior year's profit was benefited from a 2.07 billion euros or 2.60 euros gain from the sale of Innomotics.
On a continuing operations basis, income grew 24 percent to 2.23 billion euros or 2.58 euros per share from 1.80 billion euros or 2.06 euros per share a year ago.
Earnings per share before purchase price allocation accounting or pre PPA were 2.80 euros, compared to 4.86 euros last year.
Profit Industrial Business grew 15 percent year-over-year to 2.90 billion euros, and Profit margin Industrial Business improved to 15.6 percent from 14.1 percent a year earlier, driven by considerable improvements at Digital Industries and Smart Infrastructure.
Revenue for the quarter grew 4 percent to 19.14 billion euros from 18.35 billion euros last year. Comparable revenue rose 8 percent, including growth in all industrial businesses.
First-quarter orders grew 7 percent to 21.37 billion euros from 20.07 billion euros last year. Orders increased 10 percent on a comparable basis, excluding currency translation and portfolio effects, with double-digit increases in most industrial businesses.
Looking ahead for fiscal 2026, Siemens now expects earnings per share pre PPA of 10.70 euros to 11.10 euros, higher than prior range of 10.40 euros to 11.00 euros.
Further, the firm continues to anticipate that in fiscal 2026 negative currency effects will strongly burden nominal growth rates in volume as well as profit for industrial businesses and earnings per share.
For the Siemens Group, the company still expects comparable revenue growth in the range of 6 percent to 8 percent.
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