Siemens fourth-quarter profit boggles sight; sees persistent demand for hardware and software – Business & Finance

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ZURICH (Reuters) – German engineering and technology group Siemens on Thursday reported better-than-expected fourth-quarter profit for its industrial business and said its factory hardware and software continued to come under pressure. strong demand.

The company said in a statement that it has experienced growth in many markets despite a “complex and ongoing macroeconomic environment influenced by energy shortages and availability issues resulting from the Russian-Ukrainian conflict, high inflation and effects associated with the coronavirus pandemic”.

Major disruptions caused by supply chain bottlenecks have been averted and shortages have shown signs of easing, he added. That made the train and industrial software maker confident for the future, saying it expected revenue growth of 6% to 9% in its 2023 fiscal year.

“Strong demand continues for our hardware and software offerings, including higher-than-expected growth in our digital business revenue,” said CEO Roland Busch.

The results from Siemens and peers like Switzerland’s ABB and France’s Schneider Electric are seen as barometers of the global economy, with their products used to automate factories, manage buildings and expand transportation networks.

In the three months to September 30, Siemens’ industrial profit rose 38% to 3.16 billion euros ($3.28 billion), beating forecasts of 2.79 billion euros in a consensus of analysts assembled by the company.

Siemens Engineering (Pakistan)

Sales increased by 18% to 20.57 billion euros – ahead of the 19.13 billion euros forecast, while orders during the period increased to 21.82 billion euros, better provided that.

Helped by a €1.1 billion pre-tax gain on the sale of Siemens Logistics’ mail and parcel handling business, shareholder net profit more than doubled to €2.7 billion. euros.

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