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.
Copyright (c) 2020 CercleFinance.com. All rights reserved.