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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