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Siemens beats forecasts

first_img Show Comments ▼ whatsapp Siemens, Europe’s biggest engineering conglomerate, beat forecasts for its first-quarter profit helped by robust demand in fast-growing emerging economies.Net profit from continuing operations – which exclude units planned to be spun off – rose 17 per cent to 1.79bn euros (£1.5bn) in the quarter, beating the average forecast of 1.47bn euros in a Reuters poll.Like most peers in Germany’s capital goods industry, Siemens relies heavily on exports of manufactured goods to China, Brazil, India and Russia to power growth, profiting from aggressive infrastructure investment in those countries.Siemens and steelmaker ThyssenKrupp have also benefited from emerging economies’ appetite for German luxury cars, high-end engineering machinery and industrial equipment.Latest data showed German manufacturing orders grew at their fastest rate in 10 months in November, rising far more than economists expected mainly due to strong demand from outside the euro zone for durable goods.“Orders and revenue grew in all regions, particularly in emerging markets,” Chief Executive Peter Loescher said on Tuesday, referring to the company’s first quarter to end-December.Siemens said emerging markets grew significantly faster than orders overall, at 31 percent, and accounted for around a third of total orders for the quarter.It said quarterly order intake – an indicator of future sales – rose 160 per cent from India and 49 per cent from China.Overall new orders rose, partly thanks to supply gas turbines for GS Electric power plant in South Korea, a rolling mill for China’s steelmaker Xiangtan Iron, a wellhead compression solution for Russia’s Technogarant, and transmission technology for power grids in Brazil and Paraguay.China, where Siemens generated nearly 8 percent of group revenues last year, in 2009 vaulted past the United States into pole position as buyer of German engineering products.Siemens, whose products range from steam turbines and fast trains to hearing aids and light bulbs, made around 30 percent of sales in emerging markets last year and has been increasingly making lower-priced products to suit demand.Its bread and butter Industry Sector, which makes equipment that large companies use to run factories and automation gear to help industrial plants run smoothly, posted an increase of 22 per cent in quarterly profit.Siemens reiterated its forecast of a 25 per cent to 35 per cent growth in profit from continuing operations for fiscal year to September 30, 2011, “clear growth” in order intake and “moderate” organic revenue growth. Siemens beats forecasts More From Our Partners Florida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comKiller drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Sharecenter_img John Dunne by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStorySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldSenior Living | Search AdsNew Senior Apartments Coming to Scottsdale (Take A Look at The Prices)Senior Living | Search Ads whatsapp Tags: NULL Tuesday 25 January 2011 3:11 amlast_img read more