Siemens AG profits fell to €652m in the first quarter of 2020, down from €1.8bn for the first three months of 2019. This included an adjusted EBITA of 18 percent off the pace from 2019 for its industrial business to €1.59bn and an adjusted margin for the division of 12.1 percent. Total revenues came to €14.25bn for the quarter, which was roughly the same as in 2019, but order fell from € 16.46bn to €15.15bn. The company has withdrawn its original outlook for 2020, ahead of what it predicts will be a difficult second quarter (which is the 3rd quarter of Siemens’ fiscal year). Siemens is predicting a moderate decline in revenues for the full fiscal year and refuses to provide any guidance on earnings per share. But the quarterly report, while reflecting the negative environment, was significantly better than anticipated. Siemens was able to keep its factories running throughout the crisis and it announced that a planned spin-off of its energy division was still on target for the fall. This will include its wind-power unit, as well as its gas and power business which has suffered because of the steep decline in fuel prices.
