Siemens confirms growth outlook after Q2 figures beat forecasts
ZURICH :Siemens confirmed its full-year outlook on Thursday "despite increased uncertainty" as the German engineering and technology group reported better than expected profit during its second quarter.
The company, whose products include factory software, controllers and trains, said its industrial profit rose 29 per cent to 3.24 billion euros ($3.63 billion) in the three months to the end of March.
The figure, helped by a 300-million-euro gain from the sale of its wiring business to ABB, beat analysts' consensus forecast of 2.75 billion euros.
Sales rose 7 per cent to 19.76 billion euros, ahead of forecasts for 19.22 billion euros, while orders increased 10 per cent.
As a result, Siemens confirmed its outlook for its full-year sales to increase by 3-7 per cent despite "increased uncertainty in the economic environment".
"Our customers continue to rely on our technology, and our global footprint demonstrates our resilience," said Chief Executive Roland Busch in a statement.
($1 = 0.8931 euros)
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