Siemens posts Q4 profit above forecasts, raises mid-term guidance

Siemens AG

Yesterday 06:00

By John Revill
ZURICH, Nov 12 (Reuters) - Siemens SIEGn.DE on Thursday reported better-than-expected profit in its fourth quarter and lifted its mid-term growth outlook, as the German engineering group continued to see strong demand from data centres used to power AI. 
The company, whose products range from trains to electrical gear for factories, buildings and data centres, said industrial profit jumped 22% to €3.89 billion ($4.31 billion) for the three months to the end of September.
The figure, the highest ever posted by Siemens, beat forecasts for €3.71 billion in a company gathered consensus of analysts.
Revenues meanwhile rose 11% to €23.68 billion, ahead of forecasts for €23.39 billion while orders surged 58% to an all-time high to €34.77 billion. 
The increase was fuelled by big business wins at Siemens' mobility train making business, and its Smart Infrastructure operation which supplies data centres.
As a result Siemens raised its mid-term guidance, saying it expected comparative annual revenue growth guidance of 7-11%, up from 6-9% previously.

($1 = 0.9027 euros)

 (Reporting by John Revill
Editing by Linda Pasquini)
 ((John.Revill@thomsonreuters.com; +41 41 528 36 37; Reuters Messaging: john.revill.thomsonreuters.com@reuters.net))