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Siemens Weathers Storm With Factories Staying Open in Pandemic

  • Engineering giant anticipates decline in revenue for full year
  • Shares gain as Siemens escapes worst of industrial downturn
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Photographer: Michaela Handrek-Rehle/Bloomberg
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Siemens AG sent its share price higher with a reduced sales forecast that investors viewed as better than feared amid the industrial malaise caused by the coronavirus pandemic.

The European giant was able to keep factories running during a time when many manufacturing plants were forced to close doors, even as government-imposed measures to fight the virus affected many customers. Profit still fell at all divisions and the Munich-based company predicted a moderate decline in full-year sales and was unable to make a call on earnings.