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...
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