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Siemens: Q3 exceeds expectations

(CercleFinance.com) - On Thursday Siemens unveiled higher than expected net profit and sales for the third quarter of its npn-calendar fiscal year, which the market clearly liked - the is up over 4% in Frankfurt in early trading.


For the quarter from April to June, the German industrial conglomerate saw the adjusted operating profit (EBITA) of its industrial activities increase by 8% to 1.8 billion euros.

Its net profit - penalised by a higher tax rate - fell by 53% to 535 million dollars, but still exceeded the consensus.

At 13.5 billion euros, sales were down by just 5%, thanks to the sound performance of its transport activities, a performance that is again above the consensus.

While it expects its fourth quarter results to continue to be affected by the Covid-19 crisis, the Munich based group says it expects only a "moderate" decline in its revenue on a comparable consolidation scope over the full year to end-September.


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