World Economy

Siemens Raises Profit Outlook

Siemens Raises Profit OutlookSiemens Raises Profit Outlook

Siemens AG raised its profit outlook for the year, in a surprise move that highlights the company’s confidence the German maker of gas turbines and medical scanners can ride out a slowdown in China and sharp drop in oil prices, Bloomberg reported. This is the first time Siemens has raised the company’s outlook after cutting more than 13,000 jobs. Full-year earnings per share will be between €6 ($6.50) and €6.40, higher than a previous forecast of €5.90 to €6.20, the Munich-based company said in a statement after the market closed on Monday. In the first quarter, industrial profit rose 9.6% to €2 billion, beating a €1.9 billion average analyst estimate by Bloomberg.