Siemens Raises Guidance as China Recovery Bolsters Profits
- Engineering firm expects net income of up to 5.5 billion euros
- Still sees complex economic environment due to pandemic
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Siemens AG raised its annual guidance after better-than-expected sales and profit in the first quarter, the latest sign Europe’s biggest engineering company is benefiting from a strong rebound in China.
Siemens now sees full-year net income rising to as much as 5.5 billion euros ($6.6 billion) from 4.2 billion euros last year, well above previous expectations for moderate growth. That’s after comparable revenue increased in all four of its industrial businesses, including at its high-margin software segment.