Siemens raises guidance after posting highest-ever industrial profit

As a result, Siemens raised its full-year profit outlook for the year to the end of September: It now expects earnings per share of €11.20 to €11.50, up from its previous guidance for €10.70 to €11.10.

"We delivered another very successful quarter with record orders and profit," said Chief Executive Roland Busch in a statement.

He said the company's focus on industrial AI, with its products enabling customers to speed up their innovation and increase their productivity, was driving growth.

During the quarter, Siemens' Digital Industries business, which makes factory controllers and software, increased its profit by 44%, benefiting from job cuts aimed at restoring competitiveness as well as strong demand in China and the United States.

($1 = 0.8660 euros)

(Reporting by John Revill Editing by Linda Pasquini and Miranda Murray)

((John.Revill@thomsonreuters.com; +41 41 528 36 37; Reuters Messaging: john.revill.thomsonreuters.com@reuters.net))

Siemens reported its highest-ever quarterly industrial profit and new orders on Thursday, beating analyst forecasts and prompting the German industrial group to raise its full-year profit guidance.

The company, whose products span trains to factory software and building control systems, saw improvements across most of industrial businesses, led by a sharp improvement at its Digital Industries factory automation unit.