Siemens beats quarter forecasts, raises profit guidance for third time


Siemens became the latest industrial firm to report a post-pandemic surge in demand.

Siemens, on Thursday, raised its profit guidance for the third time this year.

Siemens now expects its full year sales and profit to be higher than estimated upon beating forecasts for sales, profit and orders during the third quarter.

Siemens’ adjusted operating profit at its industrial business rose 29% to 2.32 billion euros ($2.75 billion) in the three months to the end of June, beating the 2.09 billion euros in a company-gathered consensus of analyst forecasts.

Revenue rose 24% to 16.09 billion euros, beating forecasts for 15.11 billion euros, while orders surged 47% to 20.49 billion euros, ahead of forecasts for 16.32 billion.