Siemens beats forecast for industrial profit during Q1

© Reuters. FILE PHOTO: The logo of German industrial group Siemens is seen at an office building in Zug, Switzerland December 1, 2021. REUTERS/Arnd Wiegmann/File Photo

ZURICH (Reuters) – Siemens said it was seeing revenue growth in most of its industrial businesses as the German engineering group on Thursday reported first-quarter profit slightly ahead of expectations.

The maker of products ranging from trains to factory controllers and software reported industrial profit increasing by 3% to 2.72 billion euros ($2.93 billion) for the three months to the end of December, beating forecasts of 2.64 billion euros in a company-gathered consensus of analysts.

Revenue rose 2% to 18.41 billion euros, below the 18.58 billion euros forecast, as currency translation effects – mainly from a strengthened dollar – reduced sales when reported in euros.

The company confirmed its outlook to increase sales by 4% to 8% for its financial year that runs to the end of September.

“Siemens again delivered a strong quarter, maintaining a trajectory of profitable growth,” said Chief Executive Roland Busch in a statement.

($1 = 0.9276 euros)


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