ZURICH - Siemens became the latest industrial firm to report a post-pandemic demand surge, prompting the German engineering and technology company on Thursday to raise its revenue guidance for the third time this year.
The trains to industrial software maker said it now expects its full-year sales and profits to be higher than previously expected after beating forecasts for sales, profit and orders during the third quarter.
Siemens said its adjusted operating profit in its industrial business rose 29% to 2.32 billion euros in the three months to the end of June, beating the 2.09 billion euros in company-gathered analyst forecasts.
Revenue grew 24% to 16.09 billion euros, beating forecasts for 15.11 billion euros, while orders surged 47% to 20.49 billion euro, ahead of forecasts for 16.32 billion.
Siemens is consistently pursuing its goal of accelerated high-value growth. In the third quarter, once again we delivered with strong and profitable growth in all business areas, Chief Executive Roland Busch in a statement.
Shareholders' net income of 1.35 billion euros beat forecasts in the quarter for 948 million euros.
The company said it now expects its full year revenues to rise by 11% to 12%, up from its previous view of a 9% to 11% increase boosted by higher sales for its factory automation and smart infrastructure companies.
The company had earlier for a range of 5.7 billion to 6.2 billion euros.
Some other industrial companies have recently increased their guidance based on the faster than anticipated post-pandemic recovery in many sectors and stronger demand in China and the United States as their economies rebounded.
Swiss rival Schneider Electric increased its profit and revenue expectations for 2021, while French rival ABB doubled its revenue expectations and improved profitability in Austria.