Earnings Release Q1 FY 2021: Solid start into the new fiscal year
Press release 02 February 2021
Orders were at €7.4bn, substantially below the high basis of comparison in the first quarter of the prior year, driven by a sharp decline at Siemens Gamesa Renewable Energy (SGRE).
Revenue increased by 2.6% to €6.5bn, including negative currency translation effects. On a comparable basis (excluding currency translation and portfolio effects) revenue rose by nearly 8%.
Book-to-bill ratio (ratio of orders to revenue) was below the strong prior-year quarter, but clearly above 1, leading to an order backlog of €79bn, nearly unchanged to past fiscal year-end.
Adjusted EBITA was with €243m back in the positive range (Q1 FY 2020: negative €117m) as the prior-year quarter was impacted by substantial project-related effects, predominantly driven by SGRE. The recent quarter benefited from operational improvements driving lower costs however including positive temporary effects. Adjusted EBITA before special items increased to €366m with a margin of 5.6%. In the recent quarter, special items came in at negative €123m.
Net income sharply improved to €99m after a loss in the prior-year quarter. Basic earnings per share (EPS) rose to €0.09.
Management confirms the outlook for fiscal year 2021.