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Jan. 22, 2021, 2:40 a.m. EST

Siemens to review outlook after results beat views

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By Kim Richters

Siemens AG said late Thursday that preliminary results for the first quarter of its financial year were broadly ahead of market expectations, prompting the engineering company to review its outlook.

Performance in the months from October to December was driven by the digital industries business, Siemens said, where quarterly sales were flat at 3.77 billion euros ($4.59 billion) and adjusted earnings before interest, taxes and amortization were EUR848 million.

This compared with a sales consensus forecast of EUR3.56 billion and adjusted Ebita consensus expectations of EUR592 million, it said.

Sales for smart infrastructure fell 1% to EUR3.48 billion and adjusted Ebita came in at EUR391 million, according to preliminary figures. Both metrics were ahead of consensus expectations.

Sales at its mobility division were EUR2.19 billion, up 1% compared with the year-earlier period but lower than a consensus of EUR2.26 billion. The unit's adjusted Ebita was also below expectations at EUR219 million.

Siemens said it will now review its fiscal 2021 outlook. Previously, it had expected moderate growth for comparable revenue and after-tax profit.

Full results for the latest period are scheduled to be released Feb. 3, it said.

Write to Kim Richters at kim.richters@wsj.com

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