By Kim Richters
Siemens AG on Thursday reported a rise in its fourth-quarter profit and revenue, beating analysts’ expectations.
Net profit at the German engineering conglomerate /zigman2/quotes/200873563/delayed DE:SIE +1.53% rose to 1.32 billion euros ($1.46 billion) from EUR559 million in the same period a year earlier, partly benefiting from a substantially lower income tax rate year-over-year, the company said.
Siemens said revenue for the quarter increased to EUR24.52 billion from EUR22.61 billion, while orders rose to EUR24.71 billion from EUR23.70 billion. The rise was driven by the company’s industrial businesses, it said, particularly Siemens Healthineers.
Analysts had expected Siemens to report fourth-quarter net profit of EUR1.01 billion on revenue of EUR23.22 billion and orders of EUR23.60 billion, according to a consensus provided by the company.
The company said it achieved its full-year targets for fiscal 2019. As for the next fiscal year, it expects moderate growth in comparable revenue and a moderate decline in market volume for its short-cycle businesses.
Siemens expects basic earnings per share from net income to be between EUR6.30 to EUR7.00 compared with EUR6.41 in fiscal 2019.