Siemens Beats Industrial Business Profit Forecasts
Siemens posted better-than-forecasted profit at its industrial business Thursday, as seen in the final set of results overseen by Chief Executive - Joe Kaeser. For the three months to end of September, Siemens reported adjusted earnings before interest, tax and amortization of 2.64 billion euros, beating analyst expectations of 1.98 billion.
The German engineering group further commented that it expects market conditions to improve next year as the economy recovers from the coronavirus pandemic. Nevertheless, the recovery in company and government spending on machinery and systems will fall behind the recovery in GDP.
"While we anticipate that important customer industries for Siemens will continue to face challenges related to the pandemic and industry-specific structural changes ... we expect improved conditions particularly for our high-margin shortcycle businesses in the second half of fiscal 2021," Siemens says.
All in all, Kaeser described company performance as a "strong finish to a remarkable year," looking towards a brighter future, with a moderate increase in net income expected in 2021, as opposed to 4.2 billion euros in 2020, lifted by hopes for global economic recovery.
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