Siemens raises 2023 outlook after ‘strong start’ to year

Siemens announced that "following a strong start in fiscal 2023," it decided to raise the outlook for fiscal 2023 as follows: For the Siemens Group, Siemens now expects comparable revenue growth, net of currency translation and portfolio effects, in the range of 7% to 10%, previously expected at 6% to 9%, and continue to expect a book-to-bill ratio above 1. Digital Industries now expects for fiscal 2023 to achieve comparable revenue growth of 12% to 15%, previously expected at 10% to 13%. The profit margin is now expected to be 20% to 22%, previously expected at 19% to 22%. Smart Infrastructure now expects for fiscal 2023 comparable revenue growth of 9% to 12%, previously expected at 8% to 11%. The profit margin is now expected to be 13.5% to 14.5%, previously expected at 13% to 14%. Siemens now expects the "profitable growth" of its industrial businesses to drive an increase in basic earnings per share from net income before purchase price allocation accounting to a range of EUR 8.90 to EUR 9.40, above the previously range of EUR 8.70 to EUR 9.20, for fiscal 2023.