Profits jump 25 percent at Germany's Siemens

AP News
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Posted: Jan 31, 2017 5:49 PM

FRANKFURT, Germany (AP) — Siemens AG, the German maker of gas turbines, trains and medical machines, says net income rose 25 percent to 1.93 billion euros ($2.06 billion) for its most recent quarter.

The Munich-based company said Tuesday the strong performance in the last three months of the year — the company's fiscal first quarter — allowed it to raise its outlook for the full fiscal year. It now expects earnings per share in a range of 7.20-7.70 euros, up from 6.80-7.20 euros previously.

The company credited strong execution of orders from its backlog for boosting revenue at its power and gas business. It touted its progress toward completing three power stations in Egypt that will supply power to 45 million people.

Revenue rose 1 percent to 19.11 billion euros.