Tech

Siemens with profit jump, forecast increased

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Siemens is emerging from the Corona crisis with momentum. After a significant jump in profit from 0.7 billion euros to 2.4 billion euros in the second fiscal quarter from January to March, the group is increasing its forecast for the second time, as it announced on Friday. Business with the automotive industry and mechanical engineering, as well as software activities, in particular, went well. However, the sale of the gear manufacturer Flender also contributed to the jump in profits.

“On this basis, we are even more confident about the second half of our fiscal year and are significantly raising our outlook both for industrial businesses and for profit after tax,” said CFO Ralf Thomas in view of the fact that the business figures for the second quarter. At the end of the financial year, a profit of 5.7 to 6.2 billion euros should now stand, about 700 million more than last targeted. Sales are also expected to grow faster, so that the forecast, which was raised in February, could be raised again.

Revenue also increased significantly in the first quarter, increasing by 6 percent to 14.7 billion euros. Incoming orders increased by 8 percent to 15.9 billion euros. CEO Roland Busch, who nominally took over the reins of Siemens in the course of the second fiscal quarter, is on course for a strong first year: “I am very pleased that we are delivering excellent results and growing profitably in all of our businesses,” said he – “despite persistent uncertainties”.

Initially, there was little movement on the stock exchange. At the end of the previous day on Thursday, the shares rose only slightly by 0.31 percentage points. A Siemens paper is now worth 140.20 euros.


(olb)

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