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Siemens: investors cheer preliminary results

( - Siemens shares advanced on Friday as investors cheered the company's preliminary results, which were announced after the close yesterday.

The German conglomerate said that operating results were "substantially higher" year-on-year, driven by the strong performance of the automation and software businesses of its digital industries segment, and higher-than-expected growth in China.

The Munich-based engineering giant's shares rose over 5% on the Frankfurt Stock Exchange after it said that it expects first-quarter revenue of about 3.8 billion euros for its digital industries unit, its main business, higher than the 3.6 billion euros that analysts were expecting.

The preliminary operating results for both its other businesses (smart infrastructure and mobility) also significantly beat market expectations, Siemens added.

The company said it will reveal its outlook for fiscal 2021 when it details firs-quarter 2021 earnings, on 3 February.

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