German engineering group Siemens on Thursday reported better-than-expected profit at its industrial business in the final set of results overseen by long-standing Chief Executive Joe Kaeser.
FILE PHOTO: The Siemens logo is seen on a building in Siemensstadt in Berlin, Germany, October 31, 2018. REUTERS/Hannibal HanschkeZURICH: German engineering group Siemens on Thursday reported better-than-expected profit at its industrial business in the final set of results overseen by long-standing Chief Executive Joe Kaeser.
The trains to factory software-maker reported adjusted earnings before interest, tax and amortisation of 2.64 billion euros for the three months to the end of September, beating analyst forecasts for 1.98 billion euros in a company-gathered poll.Group revenue of 15.31 billion euros missed forecasts for 15.50 billion euros, although orders of 15.56 billion euros were better than expected. Both figures were lower than a year earlier as demand was hit by the coronavirus pandemic.
Kaeser described the performance as a"strong finish to a remarkable year," while in its outlook Siemens said it expected a moderate increase in net income in 2021 from the 4.2 billion euros posted in 2020 as the world economy recovers.