Siemens, the German industrial company, announced that it achieved a net profit of 1.4 billion euros ($1.54 billion) in the third quarter. This marks a significant turnaround from the net loss of 1.5 billion euros reported in the same period last year. The company attributed the positive result to strong growth in its digital-industries, smart-infrastructure, and mobility divisions.
During the April to June period, Siemens saw a 10% increase in revenue, reaching 18.9 billion euros. Furthermore, it received orders totaling 24.2 billion euros, representing a 15% increase compared to the previous year’s figure of 22.0 billion euros.
CEO Roland Busch expressed satisfaction with the company’s performance, stating, “We again achieved profitable growth and showed our competitive strength across all our businesses. We have seen normalization of demand, particularly in China and in short-cycle business.”
Siemens has reaffirmed its fiscal-year guidance for revenue growth and earnings-per-share. However, it has adjusted its outlook for the digital industries division, now expecting a comparable revenue growth rate of 13% to 15% instead of the previously projected 17% to 20%. The profit margin for this division is anticipated to be in the range of 22% to 23%.
Looking ahead, Siemens anticipates a comparable group revenue growth of 9% to 11% by 2023.