From trains to wind farms: German engineering and technology group Siemens sees a massive surge in orders for its equipment as demand increases
Shares gain 6.4% in early tradingunveiled on Thursday a massive jump in orders during its first quarter, and indicated it would continue trimming fringe businesses, driving its shares up more than 6%.
The company now has an order backlog of 93 billion euros , its highest ever, although this would lead to some delays, Busch said. This had led to massive pre-ordering by customers desperate to get their hands on electrical and automation products.The logo of German industrial group Siemens is seen in Zurich, Switzerland, January 30, 2019. REUTERS/Arnd Wiegmann/File Photo
Net profit rose 20% to 1.8 billion euros on revenue up 17% to 16.50 billion euros, also beating forecasts, while it confirmed its full year guidance. Its shares rose as much as 6.4%.
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