Siemens increases full-year sales outlook after Q1 success

• Siemens posted a better-than-expected quarterly at its industrial unit.
• Revenue grew 8% to 18.1 billion euros, meeting estimates.
• Siemens now anticipates 7% to 10% sales growth, up from 6-9%.

On Wednesday, Siemens, helped by a solid start to its 2023 fiscal year, posted a better-than-expected quarterly at its industrial unit and increased its full-year sales outlook.

The manufacturer of trains and commercial software posted a profit in its industrial division of 2.7 billion euros ($2.90 billion) in the first quarter of its fiscal year ending in December, exceeding the company’s consensus estimate of 2.50 billion euros from analysts.

As Siemens completed its massive order backlog, which totaled 102 billion euros at the end of the previous year, revenue grew 8% to 18.1 billion euros, meeting estimates.

From 1.8 billion euros a year before, net profit decreased to 1.6 billion euros.

Siemens said it now anticipates full-year sales growth of 7% to 10% in a pre-announcement of the figures, which were scheduled to be released on Thursday. Previously, a rise of 6 to 9% was anticipated.

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