Siemens earnings beat estimates on strong demand for electrification, software

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German industrial technology giant Siemens on Thursday posted better-than-expected quarterly operating profit and confirmed its full-year outlook.

Industrial profit came in at 3 billion euros in the quarter to the end of June, 11% higher than in the same quarter a year ago.Industrial profit came in at 3 billion euros in the quarter to the end of June, 11% higher than in the same quarter a year ago. The figure was also above the company-complied analyst consensus.

Siemens attributed its growth in the third quarter to strong demand in its electrification and industrial software businesses, but noted the automation business remained"challenging." There was an"exceptionally high order growth in the software business driven by a number of large contract wins for licensed software," the company said, with profitability growth more than offsetting a profit decline in automation.

"Smart Infrastructure continued its broad-based increase in profit and profitability year-over-year on higher revenue, increased capacity utilization and ongoing productivity improvements," the company added.The business confirmed its outlook for the full financial year, but noted that comparable revenue growth for the Siemens Group was expected to come in at the lower end of the projected 4%-8% range.

 

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