SIE Siemens AG

   By Joshua Stein 
 

Siemens AG said Wednesday that net profit rose in the first quarter of fiscal 2021, and raised guidance for the year.

The German engineering conglomerate said net profit for the quarter ended Dec. 31 surged to 1.38 billion euros ($1.66 billion) from EUR1.08 billion a year earlier.

Revenue for the quarter rose to EUR14.07 billion from EUR13.68 billion. The company said in January that performance was driven by the digital industries business, where quarterly sales of EUR3.77 billion beat consensus forecasts of EUR3.56 billion.

Siemens said orders rose to EUR15.94 billion from EUR14.36 billion.

Analysts had expected net profit of EUR864 million, revenue of EUR13.42 billion and orders of EUR14.54 billion, according to consensus provided by the company.

Siemens improved its guidance for the year ending Sept. 30, 2021, for which it now expects mid- to high-single-digit growth. Previously, it had expected moderate growth for comparable revenue and after-tax profit.

The company is projecting net income of EUR5 billion to EUR5.5 billion, above its previous expectation of only moderate growth.

The move comes less than two weeks after Siemens said it would review the outlook, after publishing strong preliminary figures for the quarter.

Analysts had expected the company's results to come in strong, with Jefferies saying an outlook upgrade was "highly likely."

Citi analysts had said the company's outlook in January looked conservative.

Write to Joshua Stein at joshua.stein@wsj.com

(END) Dow Jones Newswires

February 03, 2021 01:31 ET (06:31 GMT)

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