Industry: Siemens increases profits and confirms forecast

The technology group Siemens recorded increases in sales and earnings in the first quarter.

Industry: Siemens increases profits and confirms forecast

The technology group Siemens recorded increases in sales and earnings in the first quarter. Revenues rose by two percent to 18.4 billion euros in the three months to the end of December, as the company announced in Munich.

On a comparable basis, the increase was six percent, excluding currency and portfolio effects. There were signs of slowdown in the industrial automation business, which were offset by growth in the intelligent infrastructure and mobility sectors.

Order intake increased on a comparable basis by two percent to 22.3 billion, significantly better than analysts expected. Siemens benefited from major orders in the Mobility train business.

The result of industrial business, which reflects operational development, rose by three percent to 2.7 billion euros. After taxes, Siemens achieved an increase in earnings by a good half to around 2.5 billion euros. Siemens also benefited from a profit from the transfer of an eight percent stake in the energy technology group Siemens Energy to its own pension fund. In the future, the group will only report the remaining stake of 17.1 percent as a financial asset. Siemens confirmed its outlook for the 2023/24 financial year and expects further increases in sales and profits.

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