Siemens lifts full-year forecast after record orders in third quarter

Siemens raised its full-year earnings outlook on Thursday after reporting a sharp increase in third-quarter profit, driven by record orders, stronger performance in its industrial businesses and US tariff refunds.

Net income rose 15% to €2.6 billion ($3 billion) in the April-June quarter, the Munich-based engineering group said.

"We delivered another very successful quarter with record orders and profit," chief executive Roland Busch said in a statement.

Siemens now expects earnings per share of €11.20 to €11.50 for the financial year, up from its previous forecast of €10.70 to €11.10.

Orders rose 14% to a record nearly €28 billion, providing a strong pipeline for future business.

The company also benefited from US tariff refunds at majority-owned medical technology unit Siemens Healthineers.

Siemens said it was making progress with plans to reduce its roughly two-thirds stake in Siemens Healthineers to about half by distributing shares to its own shareholders. Chief Financial Officer Veronika Bienert said the company had resolved the relevant tax issues with authorities, allowing the planned spin-off to proceed.

Among Siemens' businesses, Digital Industries posted the strongest earnings growth, with profit rising 44% to €923 million. Smart Infrastructure remained the largest contributor, with earnings rising 19% to €1.27 billion, while Mobility's profit edged down to €280 million.