Exclusive Siemens Increases Profit in First Fiscal Quarter, Raises Dividend Expectations

Engineering conglomerate Siemens has surpassed analysts’ expectations for the first quarter of its fiscal year from October to December 2015. Siemens’ operating profit in its industrial division had climbed to €1.99 billion, up almost 10 percent on the same period a year earlier, the company announced on Monday. The firm’s operating profit margin rose to 10.4 percent. Siemens increased its net profits by 42 percent year-on-year in the first quarter, achieving €1.56 billion. Last year, the results for the same quarter were lower due to extraordinary expenses. “We have delivered a strong quarter and are on the right path with implementing our vision 2020,” said chief executive Joe Kaeser Monday night. Siemens also booked 25 percent more orders than the same period a year earlier. Following the positive results, Siemens raised its profit expectations to €6 to €6.40 per share, up from previous expectations of between €5.90 to €6.20. After the news was released, Siemens’ share price rose by almost 3 percent.