Siemens surpasses earnings forecast on CEO’s swansong

On Thursday, German engineering group Siemens SIEGn.DE announced that its industrial profit surpassed expectations. This came to be the final set of results overseen by long-standing Chief Executive Joe Kaeser before stepping down from his post.

The software provider said it expected better market conditions in 2021 as the global economy made a cautious rebound from the coronavirus drag. However, an improvement in company and government spending on machinery and systems will remain inadequate compared to gross domestic product.

While the company’s group revenue of 15.31 billion placed below 15.50 billion euros, the company’s orders reached 15.56 billion euros, completely surpassing expectations. However, both readings are weak compared from a year ago as demand suffered from the coronavirus.