Siemens: raises full-year outlook; shares jump
(CercleFinance.com) - German engineering conglomerate Siemens reported a decline in quarterly operating profit as investments in digital took a toll on the group's performance.
Siemens said on Wednesday that profit from industrial business fell 8 per cent to 2.25 billion euros in its second fiscal quarter, January 1 to March 31.
Revenues were nearly unchanged at 20.1 billion euros, while new orders—a highly scrutinised barometer for future sales—decreased by 2% to 22.3 billion euros.
Siemens reiterated its expectation for the current year of a modest growth in revenue, and raised its outlook for basic EPS from net income to the range of 7.70 euros to 8.00 euros, up from the range of 7.20 euros to 7.70 euros.
The stock was up almost 5% in Frankfurt on the news.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
Siemens said on Wednesday that profit from industrial business fell 8 per cent to 2.25 billion euros in its second fiscal quarter, January 1 to March 31.
Revenues were nearly unchanged at 20.1 billion euros, while new orders—a highly scrutinised barometer for future sales—decreased by 2% to 22.3 billion euros.
Siemens reiterated its expectation for the current year of a modest growth in revenue, and raised its outlook for basic EPS from net income to the range of 7.70 euros to 8.00 euros, up from the range of 7.20 euros to 7.70 euros.
The stock was up almost 5% in Frankfurt on the news.
Copyright (c) 2018 CercleFinance.com. All rights reserved.