By Kim Richters

Siemens AG (SIE.XE) on Wednesday reported first-quarter net profit and revenue rose, and it backed its full-year guidance.

Net profit at the German engineering conglomerate rose to 1.08 billion euros ($1.19 billion) from EUR1.01 billion in the same period a year earlier.

Revenue for the quarter increased to EUR20.32 billion from EUR20.12 billion, the company said. However it added that revenue on comparable basis fell 1%. Orders fell to EUR24.76 billion from EUR25.17 billion.

Analysts had expected quarterly net profit of EUR912 million on revenue of EUR22.64 billion, according to a consensus provided by the company.

The company backed its guidance for the its 2020 fiscal year.

Siemens said late Monday that it will acquire Iberdrola's (IBE.MC) stake in the joint-business Siemens Gamesa Renewable Energy (SGRE.MC) for EUR1.1 billion.

Write to Kim Richters at kim.richters@wsj.com

(END) Dow Jones Newswires

February 05, 2020 01:14 ET (06:14 GMT)

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