Siemens rides AI boom to post its highest-ever industrial profit

For the quarter to the end of June, Siemens reported industrial profit rising 25% to €3.52 billion ($4.09 billion), its highest quarterly figure, beating forecasts for €3.18 billion in a company-gathered consensus.

Revenue rose 7% to €20.79 billion, ahead of forecasts for €20.64 billion, while orders picked up 13% to €27.90 billion, also a quarterly record.

Siemens raised its full-year earnings per share for the year ending in September to €11.20 to €11.50, from €10.70 to €11.10 previously.

Its shares fell 5.2% in mid-morning trading. Up to Wednesday's close, they had gained nearly 20% from the beginning of the year to hit a record high at €291.50 in the session.

The company also said it had agreed with German tax authorities on the treatment of Siemens Healthineers shares that it plans to distribute to investors following the planned spin-off, meaning the distribution would be tax-free for Siemens shareholders.