SIEGY - Siemens boosts profit targets plans Euro3B stock buyback

Siemens (SIEGY) sets new targets for stronger revenue growth and says it plans to launch a stock buyback program totaling as much as €3B ($3.58B).In a Capital Markets Day presentation, Siemens says it will target comparable annual revenue growth of 5%-7% over its business cycle of the next 3-5 years, up from previous guidance of 4%-5%.Press releaseFor its FY 2022, which starts in October, the company raises targets for profit margins in its Smart Infrastructure and Mobility divisions to a respective 11%-16% from prior guidance of 10%-15% and 10%-13% instead of 9%-12%.Siemens maintains its target in Digital Industries for a profit margin range of 17%-23%.For the current fiscal year, Siemens continues to forecast net income of 5.7B-6.2B ($6.8B-$7.39B), but this now includes the "previously announced burdens" from the Varian deal.Siemens' medical technology subsidiary Siemens Healthineers bought Varian last August for $16.4B.

For further details see:

Siemens boosts profit targets, plans €3B stock buyback