Siemens hikes full-year guidance on swift recoveries in China and Germany

Siemens significantly raised its full-year guidance on Wednesday after a strong fiscal first quarter that saw orders, revenue and net income outstrip market expectations.

The German conglomerate reported a 39% rise in adjusted EBITDA (earnings before interest, tax, depreciation and amortization), while net income for the period from October to December rose to 1.5 billion euros ($1.81 billion) from 1.1 billion euros for the same period the previous year.

Orders jumped 15% with the company citing faster-than-expected recoveries in China and Germany following the Covid-19 downturn. Siemens now expects net income for the full fiscal 2021 of between 5 billion and 5.5 billion euros.

“The strong performance of our businesses underscores once again our ability to rigorously leverage even short-term opportunities in our markets,” Siemens CFO Ralf Thomas said in a statement.

source:cnbc.com