Siemens’ share price has risen after the company’s fourth-quarter earnings surpassed expectations and it provided an optimistic prognosis about future industrial demand.
The German tech giant posted a net income of 378 million euros for the quarter, a marked improvement from the 383 million euro loss over the same period last year.
Basic earnings per share were 0.36 euros, compared to a loss of 0.43 euros per share in 2021, while r evenue climbed to 9.18 billion euros from 8.20 billion euros one year previously .
“We are confident to continue a strong business trajectory in the 2023 business year,” said Siemens CEO Roland Busch. “We don’t see any softening of demand regarding the conversion of our backlog into revenue.”
“Strong demand continues for our hardware and software offerings, including higher than expected growth for our digital business revenue,” he added.
Busch said that Siemens anticipates a significant reduction in net loss for fiscal 2023, with the company having made a loss of 647 million euros last year.
The company projects comparable revenue growth between 3 and 7 percent, and a profit margin between 2 and 4 percent,.
Siemens Energy will release its Annual Report in its entirety on December 12.