Siemens reported an 8% drop in industrial profit to 2.52 billion euros (S$3.54 billion), beating forecasts for 2.44 billion euros
Siemens reported better than expected profit for its latest quarter on Thursday (Feb 13), despite continued struggles at its factory automation business.
The German company saw a “significant decline” at its factory automation business – which makes industrial software and control systems – in the three months to the end of December, with revenues lower in all regions apart from the Americas.
As a result, Siemens reported an 8 per cent drop in industrial profit to 2.52 billion euros (S$3.54 billion), beating forecasts for 2.44 billion euros in a consensus of analysts provided by the company.
Revenue increased 3 per cent to 13.35 billion euros, beating forecasts for 18.02 billion euros, and orders – albeit lower than a year earlier – also came in ahead of forecasts.
Chief executive Roland Busch said the company had made a “promising start” to its 2025 fiscal year, which runs to the end of September.
The results of Siemens, whose products are used to automate and control buildings as well as to build trains, are seen as a proxy for the health of the broader industrial economy.
Siemens said it expected moderate economic growth this year, citing geopolitical risks, including trade conflicts and problems for global manufacturing, but confirmed its outlook for full year sales growth of 3 per cent to 7 per cent. REUTERS
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