Siemens Profit Beats Forecasts Helped By Accounting Gain

Business World | Aug 6, 2020 at 3:13 PM
  • Siemens posted better-than-expected industrial profit for its third quarter on Thursday, sending its stock higher, as the German engineering group weathered the effects of the coronavirus pandemic.
  • Orders and revenue both fell during the three months to the end of June, but the trains to industrial software maker still increased the operating profit of its industrial business, helped by an accounting gain and savings to deal with the COVID-19 downturn.
  • Shareholder’s net income halved to 539 million euros, although far ahead of the 51 million euros expected by analysts.