Siemens reports stronger than expected results, to review outlook

German engineering group Siemens reported on Thursday better-than-expected preliminary results for its fiscal first quarter, driven by a strong performance of its digital division.

The trains-to-factory software maker said it would review its outlook for fiscal 2021 when it publishes its first-quarter earnings in full on Feb. 3.

In November, Siemens gave a cautious outlook on its recovery from the COVID-19 pandemic, saying it expects government and company investment this year to lag the global rebound, forecasting moderate revenue and earnings improvement in 2021.

On Thursday, it said first quarter sales for its digital industries unit rose a comparable 5% to 3.765 billion euros ($4.58 billion), ahead of analysts consensus for 3.561 billion, while adjusted earnings before interest, taxation and amortisation (EBITA) came in at 848 million euros.