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Feb. 5, 2020, 2:11 a.m. EST

Siemens net profit and revenue rises

Siemens pays EUR1.1 billion for Iberdrola’s stake in Siemens Gamesa Renewable Energy

By Kim Richters

A previous version of this article misstated the day that Siemens announced a deal to acquire Iberdrola’s (MCE:ES:IBE)   stake in Siemens Gamesa Renewable Energy. The story has been corrected.

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Turbine at the Siemens gas turbine factory on March 2, 2017 in Berlin, Germany.

Siemens AG on Wednesday reported first-quarter net profit and revenue rose, and it backed its full-year guidance.

Net profit at the German engineering conglomerate (FRA:DE:SIE)  rose to 1.08 billion euros ($1.19 billion) from EUR1.01 billion in the same period a year earlier.

Revenue for the quarter increased to EUR20.32 billion from EUR20.12 billion, the company said. However it added that revenue on comparable basis fell 1%. Orders fell to EUR24.76 billion from EUR25.17 billion.

Analysts had expected quarterly net profit of EUR912 million on revenue of EUR22.64 billion, according to a consensus provided by the company.

The company backed its guidance for the its 2020 fiscal year.

Siemens said late Tuesday that it will acquire Iberdrola’s (MCE:ES:IBE)   stake in the joint-business Siemens Gamesa Renewable Energy (MCE:ES:SGRE)  for EUR1.1 billion.

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