Siemens Clocks 17% Revenue Growth In Q1; Discloses Asset Divestment Plans

Siemens AG SIEGY reported first-quarter FY22 revenue growth of 17% year-on-year to €16.5 billion. Orders rose 52% Y/Y to €24.2 billion.
Orders increased 42%, and revenue rose 9% on a comparable basis.
Profit Industrial Business increased 12% Y/Y, to €2.5 billion, and the corresponding profit margin came in at 15.7% (Q1 2021: 16.5%).
The basic EPS was €2.05, and EPS before purchase price allocation accounting was €2.24.
Siemens generated €1.1 billion in free cash flow.
Dividend: Siemens proposes to increase the dividend from €3.50 a year earlier to €4.00 per share.
Outlook: For FY22, Siemens sees mid-single-digit comparable revenue growth, net of currency translation and portfolio effects, and a book-to-bill ratio above 1.
Siemens sees basic EPS from net income before purchase price allocation accounting of €8.70 - €9.10.
Asset Sale: Siemens agreed to sell the post and parcel business of Siemens Logistics to Körber AG.
Additionally, Siemens will sell its stake in the joint venture Valeo Siemens eAutomotive to Valeo.
Siemens announced the sale of its road traffic unit Yunex Traffic to Atlantia in January.
Price Action: SIEGY shares closed higher by 1.21% at $78.93 on Wednesday.

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