Change in management and profit plus at Siemens

The net profit of the Munich group rose in the first quarter from October to December by 38 percent compared to the previous year to around 1.5 billion euros, as Siemens announced on Wednesday. Quarterly sales were therefore three percent above the figure for the same period of the previous year at a good 14 billion euros. All industrial businesses and especially the markets in China and Germany have developed well, explained Siemens.

outlook

The group believes that the quarterly results have “significantly exceeded” market expectations and raised its outlook for the entire 2020/2021 financial year. Siemens now expects “a medium to high single-digit percentage growth” in sales – adjusted for currency and portfolio effects.

The profit is expected to be between five and 5.5 billion euros; in the past financial year it was 4.2 billion euros. Excluded from this outlook, however, are “burdens from legal and regulatory issues,” as the group announced.

Busch emphasized that he wanted to “turn Siemens into a sustainable, growing, focused technology company”. “Together with our customers, we want to bring industry, infrastructure, mobility and healthcare into the digital age,” explained the new CEO. Siemens is “a decade ago of possibilities”.

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