Siemens quarterly profit beats market view on electrification, software
FRANKFURT, Aug 8 (Reuters) -German industrial gear maker Siemens SIEGn.DE posted better-than-expected earnings growth during the April-to-June quarter, buoyed by customers who are upgrading their electricity infrastructure and by demand for production software.
For its fiscal third quarter, Siemens on Thursday reported an 11% increase in operating profit before certain items to 3.0 billion euros ($3.3 billion), beating the average analyst forecast of 2.84 billion euros in a consensus posted on the group's website.
The maker of trains and factory automation systems confirmed its guidance for its fiscal year until end-September for revenue growth to be at the lower end of a range between 4% to 8%, when adjusted for currency swings, acquisitions and divestments.
Siemens said late on Wednesday that it aims to speed up the transition to a technology-focused enterprise by expanding its management board to seven members from five.
($1 = 0.9146 euros)
Reporting by Ludwig Burger in Frankfurt and John Revill in Zurich, Editing by Rachel More
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