ZURICH: 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 for the three months to the end of September, beating analyst forecasts for €1.98 billion in a company-gathered poll.Group revenue of €15.31 billion missed forecasts for €15.50 billion, although orders of €15.56 billion 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 posted in 2020 as the world economy recovers.