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Siemens Says Preliminary Q1 Operating Results Significantly Above Market View

Siemens AG (SIEGY.PK,SMAWF) said that the preliminary operating results for the first quarter of fiscal 2021 have exceeded market expectation.

The operating results for the quarter were substantially higher year-over-year, driven by a strong improvement in the automation business and software business of Digital Industries and higher-than-expected growth in China.

Adjusted EBITA for Digital Industries climbed 57% to 848 million euros, including higher capacity utilization due to a recovery of demand in the high-margin short-cycle automation business and higher capacity utilization as well as a strong profit contribution of the software business.

Adjusted EBITA for Smart Infrastructure rose 39% to 391 million euros on strong performance across the businesses, especially in the product business, and a resulting higher capacity utilization.

In Mobility, adjusted EBITA and profitability held steady at 219 million euros and 10.0% Adjusted EBITA margin, respectively, level with last year's pre-COVID-19 quarter.

The company noted that it will review its outlook for fiscal 2021 and publish its full earnings release for the first quarter of fiscal 2021 on February 3, 2021.

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