Siemens has reported a strong Q1 2016 following major contract wins in Europe and Africa. Q1 orders were up 27% year-over-year at €22.8 billion and revenue was 8% higher at €18.9 billion.
The company’s Industrial Business profit climbs 10% year-over-year to €2.0 billion, including margin expansion and there were strong increases in Healthcare, Energy Management and Mobility which more than offset declines in Digital Factory, Process Industries and Drives and Wind Power and Renewables, the company said.
Net income was €1.6 billion, up 42% from the prior-year quarter.
‘We delivered a strong quarter and are well underway in executing our Vision 2020,’ said Joe Kaeser, president and CEO of Siemens AG. ‘Therefore, we will raise our earnings outlook for 2016, even though the macroeconomic and geopolitical developments remain a concern for our markets. We continue to focus on addressing our structural challenges in the company and invest into further developing our markets and strengthening our innovation power.’
This story uses material from Siemens, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.