Siemens CEO Says Company is 'Back on the Growth Path'
Siemens AG, Europe’s biggest engineering company, raised its earnings outlook for the second time this year after posting higher-than-expected third-quarter profit and a jump in large orders for power-generating equipment. Profit from so-called industrial operations rose 20 percent to 2.19 billion euros ($2.44 billion) in the three months through June, the Munich-based company said Thursday in a statement. Analysts had predicted an average of 2.09 billion euros, according to a Bloomberg survey. The profit margin was 10.8 percent, at the higher end of the 10 percent to 11 percent range forecast for the full year. “We are clearly back on a growth path,” even though the market environment hasn’t been great, Chief Executive Officer Joe Kaeser said in an interview with Bloomberg's Anna Edwards and Manus Cranny on "Countdown."
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