ZURICH (Reuters) -Siemens reported better-than-expected quarterly at its industrial business on Wednesday and raised its full-year sales guidance, boosted by a strong start to its 2023 fiscal year.
The builder of trains and industrial software reported profit at its industrial business of 2.7 billion euros ($2.90 billion) in the fiscal first quarter to the end of December, beating forecasts for 2.50 billion euros in a company-gathered consensus of analyst forecasts.
Revenue increased 8% to 18.1 billion euros, matching estimates, as Siemens worked through its enormous order book, which stood at 102 billion euros at the end of last year.
Net profit fell to 1.6 billion euros from 1.8 billion euros a year earlier.
Pre-announcing the results, which had been due to be published on Thursday, Siemens said it now expect full-year revenue growth of 7% to 10%. Previously it had expected an increase of 6 to 9%.
Siemens Chief Executive Roland Busch said the company had made its strongest-ever start to a financial year.
“Our outstanding order backlog in terms of quality and quantity, together with the strong execution capabilities throughout Team Siemens, provide confidence for raising our outlook for fiscal 2023,” he said in a statement.
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(Reporting by John RevillEditing by Chris Reese and Leslie Adler)