Siemens Beats Industrial Business Profit Forecasts

12 November 2020

    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. 

    *The products advertised are only available to clients under Fondex Limited Seychelles (SDL No: SD037).


Cookies on Fondex

The Fondex website uses cookies to optimise user experience.

These cookies fall under the following categories: essential, functional and marketing cookies. Marketing cookies may also include third-party cookies.

Manage Preferences

You can customize your selection of which cookies you want to accept.

  • Essential

    These cookies are necessary for the website to function correctly and cannot be switched off.

  • Functional

    Functional cookies allow the website to remember users' preferences and the choices you make on the website such as username, region, and language.

  • Marketing

    These cookies are used to track visitors across our websites and show you more relevant ads. Marketing cookies also include third-party cookies from partners. For more information relating to data protection & collection please view our Privacy Policy and Cookie Disclosure.


The Company would like to inform you that it will terminate its operations under the "Fondex" brand by 30th of December 2022. If you wish to open a trading account, kindly visit