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Siemens ups profit and sales guidance again as earnings beat forecasts

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Siemens raised its full-year profit and sales guidance on Friday for the second time this year, after the German conglomerate beat earnings forecasts for the second quarter.

Siemens reported adjusted EBITDA (earnings before interest, tax, depreciation and amortization) for its industrial businesses of 2.1 billion euros ($2.53 billion), a 31% increase on the same period last year, as the company recovered sharply from its pandemic-induced downturn.

Net income hit 2.4 billion euros and earnings per share rose to 2.82 euros, while orders climbed 8% on a nominal basis to 15.9 billion euros on the back of sharp growth in healthcare unit Siemens Healthineers.

“Growth momentum came, in particular, from the automotive industry, machine building, our software business and – from a geographic perspective – from China,” Siemens President and CEO Roland Busch said in a statement Friday.

“Besides the gratifying margin developments at our Industrial Businesses, our successful portfolio management also paid off.”

In light of the results, Siemens raised its net income outlook for fiscal 2021 to between 5.7 billion and 6.2 billion euros, up from its previous projection of between 5 billion and 5.5 billion euros.

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