2010-01-26
Earnings Release Q1 2010
Outstanding Performance in Challenging Markets
"Earnings for the first quarter provide a gratifying snap-shot of the current situation,” said Peter Loscher, President and CEO of Siemens AG. “The actions we took at a very early stage are now cushioning us from the ongoing repercussions of the global recession. We will continue to tackle all challenges decisively and in a responsible manner. Only such an approach can ensure Siemens' long-term success."
Financial Highlights:
● First-quarter revenue of €17.352 billion was down 12% (8% organic) compared to the prior-year period, yet exceptional execution and a favorable revenue mix helped lift Total Sectors profit 11%, to €2.255 billion.
● Orders of €18.976 billion came in 15% lower compared to the prior-year period (11% organic), including expected contraction in industrial and energy infrastructure markets that typically lag macroeconomic cycles.
● The book-to-bill ratio was 1.09 and the backlog for the Sectors was €83 billion.
● Income from continuing operations rose 21%, to €1.526 billion, and net income increased 24%, to €1.531 billion.
● Free cash flow from continuing operations was a positive €725 million compared to a negative €1.574 billion in the first quarter a year ago.
