Siemens AG said late Thursday that start-up results for the first quarter of its financial year were well ahead of market expectations, prompting the engineering firm to reconsider the outlook aca.
Performance in the months from October to December was driven by the digital industries, Siemens said, where quarterly quarterly sales were 3.77 billion euros ($ 4.59 billion) and adjusted earnings before interest, taxes and depreciation of EUR848 million .
This compared to a sales consensus forecast of EUR3.56 billion and changed Ebita’s consensus expectations of EUR592 million, he said.
Sales for smart infrastructure fell 1% to EUR3.48 billion and modified Ebita came in at EUR391 million, according to preliminary figures. Both metrics were ahead of consensus expectations.
Its moving average had sales of EUR2.19 billion, up 1% on the previous year’s period but below a consensus of EUR2.26 billion. The unit’s modified Ebita was also lower than expected at EUR219 million.
Siemens said it will review its 2021 fiscal outlook. Prior to that, it expected moderate growth for relative revenue and profit after tax.
Full results for the latest period are expected to be released Feb. 3, he said.
Write to Kim Richters at [email protected]