BERLIN, Feb. 3 (Xinhua) -- Net income of Siemens rose 38 percent year-on-year to almost 1.5 billion euros (1.8 billion U.S. dollars) in the first quarter of the company's fiscal year of 2021, the German technology giant announced on Wednesday.
"Our team has delivered an outstanding performance in a rather complex environment," said Joe Kaeser, outgoing president and chief executive officer (CEO) of Siemens AG, at the ordinary annual shareholders' meeting on Wednesday.
Q1 revenues between October and December 2020 increased by seven percent on a comparable basis to 14.1 billion euros, according to Siemens. The "strong start to the year" was achieved with contributions by all of the company's industrial businesses and a "strong development in China and Germany."
Revenues of Siemens in Germany increased by eight percent and were even up 21 percent in China, according to the technology giant.
China "clearly stands out," said Roland Busch, deputy CEO and future president and CEO of Siemens AG. Demand was high as China's economy had recovered and the country's gross domestic product expanded 2.3 percent in 2020 year-on-year.
Germany's export industry also "recovered faster than expected," said Busch. "However, uncertainty remains high in the coming months due to COVID-19. We therefore remain cautious."
For the fiscal year 2021, Siemens is expecting a "complex macroeconomic environment influenced by COVID-19." However, due to "improving conditions" in some of its businesses and geographic regions during the first quarter, Siemens raised its outlook for the fiscal year.
Siemens is expecting revenues to grow mid- to high-single-digit. Net income in 2021 is expected in the range between 5.0 billion and 5.5 billion euros. (1 euro = 1.20 U.S. dollars) Enditem
