Siemens reports 'flying start' to fiscal year, raises outlook

German industrial giant Siemens reported a "flying start" to the fiscal year after releasing its first quarter earnings on Wednesday.
Siemens raised its outlook for the 2022-23 fiscal year that runs to September, now expecting a comparable revenue growth of 7% to 10%, above the previous 6% to 9%.
This predicted growth is on a comparable basis, meaning it factors in currency and portfolio effects.
Expected profits were raised in two of the company's three divisions, said Siemens.
The highest profits are expected in the digital industries section, with the profit margin expected to be 20% to 22%. It was previously expected at 19% to 22%.
In the smart infrastructure division, the annual fiscal outlook was also raised slightly, while in the mobility division, it stayed the same.