Siemens 2Q Net Profit Jumps, Boosted by Flender Sale and Industrial Businesses
May 07 2021 - 1:35AM
Dow Jones News
By Mauro Orru
Siemens AG said Friday that net profit for the second quarter of
fiscal 2021 soared thanks to the performance of its industrial
businesses and the sale of its mechanical-drives business
Flender.
The German engineering conglomerate said net profit for the
quarter ended March 31 climbed to 2.27 billion euros ($2.74
billion) from EUR652 million a year earlier.
Siemens closed the sale of its Flender business to investment
firm Carlyle Group Inc. in March, booking a gain of EUR900
million.
Adjusted earnings before interest, taxes and amortization for
its industrial businesses rose to EUR2.09 billion from EUR1.59
billion, with a corresponding margin of 15.1%.
Revenue for the period increased to EUR14.67 billion from
EUR13.78 billion, while orders rose to EUR15.88 billion from
EUR14.66 billion.
Analysts had expected net profit of EUR1.56 billion, revenue of
EUR14.13 billion and orders of EUR15.07 billion, according to
consensus provided by the company.
"Growth momentum came, in particular, from the automotive
industry, machine building, our software business and--from a
geographic perspective--from China. Besides the gratifying margin
developments at our industrial businesses, our successful portfolio
management also paid off," Chief Financial Officer Ralf P. Thomas
said.
Siemens raised its guidance for the fiscal year ending Sept. 30,
2021. It now expects net income between EUR5.7 billion and EUR6.2
billion instead of between EUR5 billion and EUR5.5 billion as
previously indicated.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
May 07, 2021 01:20 ET (05:20 GMT)
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