Siemens profit beats expectations, issues guidance

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Siemens AG on Thursday reported a rise in its fourth-quarter profit, beating expectations, and issued guidance for the current fiscal year.

The German engineering conglomerate’s net profit for the period ended Sept. 30 rose to 1.76 billion euros ($2.07 billion) from EUR1.32 billion a year earlier, benefiting from higher income from discontinued operations and beating analysts’ expectations of EUR1.72 billion, according to a consensus forecast provided by the company.

Siemens’ industrial profit margin for the quarter was 18.7% compared with 16.0% a year earlier.

Revenue for the quarter fell 6% to EUR15.31 billion, while orders declined 1% to EUR15.56 billion. Both were hit by negative currency translation effects, Siemens said.

The company proposed a dividend of EUR3.50 a share for fiscal 2020, down from EUR3.90 the previous year.

For the current full fiscal year 2021, Siemens expects moderate growth for comparable revenue and net income.

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