Siemens raises guidance after posting highest ever industrial profit

Siemens announced its highest-ever quarterly industrial profit and new orders on Thursday. The German industrial group beat analyst forecasts, causing it to increase its profit guidance for the full year.

The company's products range from trains to factory software, and building control systems. It saw improvements in all industrial businesses, led by a "sharp" improvement at its Digital Industries Factory Automation?unit.

Siemens' industrial profit grew 25% in the three months ending June 30 to EUR3.52 Billion ($4.09 Billion), its highest-ever quarterly figure.

The company gathered a consensus of analyst estimates and the result was EUR3,18 billion, a figure that beat expectations.

The company's revenues increased by 7%, to EUR20.79 billion. This was ahead of the forecasted EUR20.64 billion. Orders also increased 13%, to EUR27.90, its highest ever quarterly figure.

Siemens has subsequently raised its profit forecast for the full year?to the end of September. Siemens now expects earnings a share in the range EUR11.20 to EUR11.50. This is up from its previous guidance of EUR10.70 - EUR11.10.

(source: Reuters)