Siemens’ growth gains momentum
The German industrial giant Siemens said today (28 January) that it had completed its 2010 financial year "very successfully". CEO Peter Löscher (pictured) said: "We are coming out of the economic downturn with full momentum. Our growth is gaining speed. Operationally, we achieved record profit twice in a row. We expect to take this positive momentum into the next fiscal year. We have to keep winning, order by order. We expect clear growth in new orders compared to fiscal 2010. Also, revenue should again grow moderately. We expect to continue the positive trend in earnings growth."
Reporting on a strong fourth quarter from July 1 to September 30, Siemens said that for the second three month period in a row, it had delivered order and revenue growth both year-over-year and on a sequential basis, across all of its three sectors – industry, energy and healthcare.
For the fiscal year as a whole, orders rose 3% to €81.163 billion (£70bn) and revenue of €75.978 billion (£65.5bn) was nearly level with the prior year. Total profit of €7.789 billion (£6.7bn) exceeded the prior-year level.
Looking ahead, Siemens said that with continuing improvement in its markets, it expects orders to show a clear increase compared to fiscal 2010 and for revenue to return to moderate growth. It anticipates income to exceed 2010 results by at least 25% to 35%.
