Siemens announced higher profits and revenue for the first quarter as it continues to focus on trying to redefine itself as a technology-focused company.
Net profit for the quarter to the end of December stood at 1.64 billion euros compared to 1.38 billion euros in the previous year.
Siemens stressed that it took advantage of growth opportunities in key markets to achieve growth in all industrial activities.
Revenue rose to 16.50 billion euros from 14.07 billion euros, while orders rose 42% on a comparable basis to 24.21 billion euros.
“We have a very successful start to the year 2022. All of our activities have continued to grow in value,” said Roland Busch, CEO.
Analysts expected revenues of 15.95 billion euros and orders of 18.03 billion euros.
The company also continued its strategy to redefine its activities, selling the postal logistics industry to the Koerber group for 1.15 billion Euros, while agreeing to sell its 50% stake in Valeo Siemens eAutomotive in Valeo, with a positive impact on profitability around € 300 million.
Source: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
