German industrial giant Siemens AG (SIE.XE) said Thursday that net profit for the fiscal third quarter rose, but new orders fell.
Net profit for the three months ended June was 1.46 billion euros ($1.73 billion), compared with EUR1.37 billion during the same period last year, beating analysts' forecasts. Analysts had predicted net profit of EUR1.36 billion, according to a recent poll compiled by Dow Jones Newswires.
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Revenue rose 3% to EUR21.41 billion, helped by increases across several business segments. Orders fell 9% to EUR19.82 billion, missing analyst expectations for a 2% gain.
Siemens reiterated its guidance for fiscal 2017, saying it continues to expect an industrial-profit margin of 11% to 12% and basic earnings per share in the EUR7.20-EUR7.70 range.
The company's supervisory board said it would extend Chief Executive Officer Joe Kaeser's term until 2021.
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(END) Dow Jones Newswires
August 03, 2017 01:23 ET (05:23 GMT)