Siemens's 1Q Results Beat Expectations; Reviews Fiscal Year 2021 Outlook
January 22 2021 - 02:18AM
Dow Jones News
By Kim Richters
Siemens AG said late Thursday that preliminary results for the
first quarter of its financial year were broadly ahead of market
expectations, prompting the engineering company to review its
outlook.
Performance in the months from October to December was driven by
the digital industries business, Siemens said, where quarterly
sales were flat at 3.77 billion euros ($4.59 billion) and adjusted
earnings before interest, taxes and amortization were EUR848
million.
This compared with a sales consensus forecast of EUR3.56 billion
and adjusted Ebita consensus expectations of EUR592 million, it
said.
Sales for smart infrastructure fell 1% to EUR3.48 billion and
adjusted Ebita came in at EUR391 million, according to preliminary
figures. Both metrics were ahead of consensus expectations.
Sales at its mobility division were EUR2.19 billion, up 1%
compared with the year-earlier period but lower than a consensus of
EUR2.26 billion. The unit's adjusted Ebita was also below
expectations at EUR219 million.
Siemens said it will now review its fiscal 2021 outlook.
Previously, it had expected moderate growth for comparable revenue
and after-tax profit.
Full results for the latest period are scheduled to be released
Feb. 3, it said.
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
January 22, 2021 02:03 ET (07:03 GMT)
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