Siemens has higher-than-expected revenue, but orders from Digital Industries disappoint

According to a consensus compiled by the company itself, revenue exceeded analysts' estimates of 4.84 billion euros, but orders were below expectations of 4.92 billion euros. In comparable terms, the 9% increase in orders was also below the 11.7% projection.

Siemens said the division has faced challenges over the past two years as customers cut inventories - especially in industrial automation - while weak demand in China and cautious industrial spending have delayed a broader recovery. The company maintained its guidance for Digital Industries.

On the other hand, Siemens raised its forecast for the Smart Infrastructure division in the fiscal year, after closing several large contracts with data center customers in the US and Europe. The company now forecasts comparable revenue growth of between 10% and 11% in the unit, up from the previous range of 8% to 10%, and a profit margin of between 18.5% and 19.5%, up from 18% to 19% previously.

The company also increased the earnings per share projection range before purchase price allocation (PPA) to €11.20 to €11.50 from €10.70 to €11.10.

In the quarter ended June 30, Siemens reported net profit of 2.27 billion euros, up from 2.05 billion euros a year earlier, and revenue of 20.79 billion euros, up 8% on a comparable basis. The group's orders grew 14% on the same basis, to 27.90 billion euros.

Source: Dow Jones Newswires.

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