Siemens ups outlook as Q1 profit beats estimates

Munich

SIEMENS AG, Europe's biggest engineering company, raised its full-year outlook after renewable energy projects and digital services led to better-than-expected first-quarter profit.

Profit margin for the industrial business is expected to be in the range of 11 per cent to 12 per cent this year, compared with a previous outlook of 10.5 per cent to 11.5 per cent, the Munich-based company said in a statement Tuesday.