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ABB - Abb News Story

$33.74 0.9  2.8%

Last Trade - 21/06/21

Sector
Industrials
Size
Large Cap
Market Cap £48.13bn
Enterprise Value £49.43bn
Revenue £19.42bn
Position in Universe 197th / 6924

UPDATE 1-Siemens raises full year guidance after Q2 beats forecasts

Fri 7th May, 2021 6:18am
(Adds details of results)
    By John Revill
    ZURICH, May 7 (Reuters) - Siemens  SIEGn.DE  increased its
full year profit and sales outlook for the second time this year
on Friday as the Germany industrial group became the latest
company to report a recovery from last year's pandemic-driven
downturn.
    The Munich company said it was seeing strong momentum in the
automotive and machine building sectors and for industrial
software, helping it to beat forecasts for revenue, orders, and
industrial profit during the three months to the end of March.
    Like other industrial companies such as Switzerland's ABB
 ABBN.S   and France's Schneider Electric  SCHN.PA  Siemens has
been seeing increasing orders as customers ramp up their
production, and an improvement in China. urn:newsml:reuters.com:*:nL8N2MK0OE urn:newsml:reuters.com:*:nL1N2MK0AF
    "On this basis, we are even more confident about the second
half of our fiscal year and are raising our guidance
significantly for both our Industrial Businesses and net
income," said Siemens Chief Financial Officer Ralf Thomas.
    Siemens now expects comparable revenue to rise by 9 to 11%
for the full year, up from the previous view of mid to high
single digit growth.
    Full year net profit meanwhile is now expected to be in the
range of 5.7 billion to 6.2 billion euros  ($7.48 billion)range,
above the previous expectation of net income of 5.0 to 5.5
billion euros.
    During its second quarter, Siemens reported industrial
operating profit of 2.09 billion euros, slightly ahead of the
2.015 billion euros forecast by analysts in a company gathered
consensus.
    Group revenue rose 8% to 14.67 billion euros, beating
forecasts for 14.13 billion euros, while group orders exceeded
forecasts of 15.07 billion euros to reach 15.388 billion euros.
    Net profit rose 2.39 billion euros, boosted by a 900 million
euro gain from the sale of the mechanical and electrical drive
systems business Flender.

    

($1 = 0.8288 euros)

 (Reporting by John Revill, editing by Emma Thomasson)
 ((John.Revill@thomsonreuters.com; +41 58306 7022; Reuters
Messaging: john.revill.thomsonreuters.com@reuters.net))
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