Siemens Industry delivered first-quarter profit of €482 million, down from €506 million in the prior-year period. The decrease includes burdens on profit from currency effects, which are expected to continue based on the strength of the euro compared to fiscal 2013. Higher profit at Industry Automation was more than offset by lower earnings at Drive Technologies, where continuing stagnation in its short-cycle businesses led to a less favorable business mix.
First-quarter revenue came in 2% below the prior-year level, including unfavorable currency translation effects. Order growth of 8% year-over-year was driven by a substantially higher volume from major orders in the Sector’s long-cycle businesses compared to the prior-year period. On a comparable basis, first-quarter revenue was stable year-over-year and orders increased 10%.
On a geographic basis, revenue growth in Europe/CAME was more than offset by a decline in the Americas compared to the first quarter a year ago. Revenue was flat in Asia, Australia despite growth in China. In contrast, orders grew significantly in Asia, Australia, driven by China, and showed a clear increase in the Americas. This order growth was partly offset by a clear decline in Europe/CAME. The Sector’s book-to-bill ratio was 1.07 and its order backlog at the end of the quarter was €10 billion.