Siemens' First Quarter Mixed, With Orders Looking Strong but Margins Surprising on the Downside
Narrow-moat Siemens had a mixed start to 2019 with good order book growth but disappointing margins due to revenue mix. The first quarter book-to-bill was 1.25, better than 1.13 a year ago. However, first-quarter group adjusted EBITA margin of 10.6% dropped by 80 basis points year over year, coming in shy of full-year guidance of 11%-12%. The drop came mainly from two divisions, power & gas and energy management, both exposed to tough end markets in power transmission and turbines. But broad...Siemens is a technology company. Co.'s Energy sector provides a range of products, solutions and services for generating and transmitting power. The Healthcare sector provides customers a range of medical solutions across the treatment chain. The Industry sector supplies products and solutions for industrial companies, primarily in the process and manufacturing industries. The Infrastructure & Cities sector provides a range of technologies that accelerates the capabilities of metropolitan centers and urban infrastructures. The Investments segment is comprised of Co.'s equity stakes in other companies. The Financial Services segment provides business-to-business financial solutions.
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