Siemens: tops the DAX, buoyed by results

(CercleFinance.com) - On Thursday, Siemens reported better-than-expected quarterly results and confirmed its annual targets, which led it to post the second-highest rise in the DAX index on the Frankfurt stock exchange.


The German industrial group posted a 52% increase in net profit to E3.9bn for Q1, to end-December, compared with E2.5bn a year ago.

The Munich-based conglomerate explained that it had largely benefited from a gain of E2.1bn (after tax) on the sale of its Innomotics electric motors subsidiary.

Sales rose by 3% LFL to E18.4bn, compared with the consensus target of around E18bn.

In a press release, Siemens commented on a "promising" first quarter, enabling it to generate "positive" momentum in its accounts.

In particular, analysts highlighted the strength of its free cash flow, which climbed by E1.6bn in the quarter, compared with E1bn a year earlier.

Traders also noted the increase in order intake in its Digital Industries business, which rose by 6% LFL to E4.2bn in the quarter, thanks to the strength of its software and automation businesses.

The group confirmed its targets for the 2024/2025 financial year, which include organic sales growth of between 3% and 7%.

On the Frankfurt Stock Exchange, Siemens shares rose by more than 4% in the wake of this publication, bringing their gains since the start of the year to almost 12.5%.


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