SIEGY - Siemens seeing 'extraordinary' surge in orders as profit routs estimates

Siemens (OTCPK:SIEGY) surges as much as 7% in Europe after reporting FQ1 net profit surged 20% Y/Y to €1.8B, well above the €1.36B analyst consensus estimate, as the company said it was seeing "extraordinary" order intake from its customers. Q1 profit at the company's industrial business jumped 12% Y.Y to €2.46B, beating analyst forecasts for €2.27B, with a 15.7% margin that also topped expectations of 15%. Q1 revenues rose 17% to €16.5B ($18.85B), beating estimates for €15.95B, on orders that jumped 52% to €24.21B ($27.66B), as businesses bought equipment and demand increased after COVID-19 slowdown; Siemens said it now has an order backlog of €93B, its highest ever. Siemens said the Q1 increase in orders was led by its factory automation business, where orders surged 73% with growth in all businesses and regions. The company also proposed an increased dividend of €4/share for its last fiscal year, up from €3.50/share

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Siemens seeing 'extraordinary' surge in orders as profit routs estimates