By Kim Richters
A previous version of this article misstated the day that Siemens announced a deal to acquire Iberdrola’s /zigman2/quotes/202060935/delayed ES:IBE +0.66% stake in Siemens Gamesa Renewable Energy. The story has been corrected.
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 /zigman2/quotes/200873563/delayed DE:SIE -1.89% 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 /zigman2/quotes/202060935/delayed ES:IBE +0.66% stake in the joint-business Siemens Gamesa Renewable Energy /zigman2/quotes/205820667/delayed ES:SGRE -3.59% for EUR1.1 billion.