SIEGY - Siemens sees higher revenue earnings in 2023

Siemens ( OTCPK:SIEGY ) said Wednesday its FQ1 net profit fell from a year ago but it raised guidance for the current fiscal year on the back of strong revenue and orders.

Siemens ( OTCPK:SIEGY ) said it now expects full-year revenue growth of 7%-10%, after previously guiding for a 6%-9% increase.

For the quarter ended in December, the company reported net income fell to €1.6B from €1.8B a year earlier, while revenues rose 8% Y/Y to €18.1B, excluding currency translation and portfolio effects.

Siemens ( OTCPK:SIEGY ) said Q1 profit at its industrial business rose 9% to €2.7B, beating forecasts for ~€2.5B in a company-gathered consensus of analyst estimates and marking the business' strongest-ever start to a financial year.

"Our outstanding order backlog in terms of quality and quantity, together with the strong execution capabilities throughout Team Siemens, provide confidence for raising our outlook for fiscal 2023," CEO Roland Busch said.

Siemens ( OTCPK:SIEGY ) shares have gained 13% so far this year but are roughly flat during the past year .

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