German industrial giant Siemens said its profit rose sharply in the third quarter thanks to strong results from its software and infrastructure businesses.
From April to June, net profit was €1.98bn - up around 50% on the same period in 2023 - with revenue up 4% to €18.9bn.
Orders for the group, whose products range from trains to factory equipment, fell 16%, however. Siemens' fiscal year begins in October and ends in September.
During the quarter, "higher volume of orders in most industrial enterprises" was reported.
The results were helped in particular by "exceptionally strong order growth in the software business" due to winning major contracts, the company said.
The Smart Infrastructure division, which deals in areas such as data centers and battery makers, also performed well, with revenue up 10% year-on-year.
Revenues from the company's activities in the field of industrial automation are lower.
The Mobility division said orders were down about 70 percent compared with the same quarter last year, when Siemens won major contracts in Egypt and Germany, but its revenue still rose.
The Munich-based group reiterated its forecast for revenue growth of 4 to 8 percent for the full year.
Siemens has long been a maker of heavy industrial equipment, but in recent years has sought to strengthen its position in digital technology and factory automation. | BGNES
