2023-05-17 07:02:34 ET
Siemens ( OTCPK:SIEGY ) +2.5% in Frankfurt on Wednesday after reporting better than expected FQ2 earnings and revenues while also raising its outlook for a second time in FY 2023.
Q2 net profit attributable to shareholders more than tripled to €3.48B (~$3.78B) from €1.03B in the year-earlier quarter, on revenues that rose 14% Y/Y to €19.42B, beating company-provided analyst expectations for €3.11B in net profit and €18.59B in revenues.
Siemens ( OTCPK:SIEGY ) said Q2 profit at its Industrial business surged 47% Y/Y to €2.61B, with Digital Industries and Smart Infrastructure both posting their highest-ever quarterly profit, and Mobility swung to a profit from a year-ago loss.
Q2 total orders rose 13% Y/Y to €23.64B, driven by its mobility business where orders more than doubled in the quarter.
Siemens ( OTCPK:SIEGY ) now foresees comparable revenue growth of 9%-11% for the full year to the end of September, up from its previous outlook for a 7%-10% increase, driving a rise in expected underlying basic earnings to €9.60-€9.90/share, up from €8.90-€9.40/share guidance issued in February.
The company already had raised its full-year guidance in February, citing strong demand and its massive order backlog, which powered higher to €105B in Q2.
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Siemens hikes guidance for second time this year after Q2 profit, revenues surge