Siemens Healthineers’ net profit jumps 44% in the fiscal first quarter
- Siemens Healthineers’ net profit jumps 44% in the fiscal first quarter.
- The German firm attributes its upbeat performance to its COVID-19 tests.
- Nintendo forecasts 26.5 million units of annual sales for its Switch console.
In an announcement on Monday, Siemens Healthineers AG (ETR: SHL) said that its net profit in the fiscal first quarter posted a 44% annualised growth to £384.80 million. The company said that its rapid antigen tests saw robust demand in recent months as the new variant of the Coronavirus pandemic wreaked havoc in Germany.
The COVID-19 crisis has so far infected more than 2.2 million people in Germany and caused a little under 58 thousand deaths. Shares of the company jumped 1% in premarket trading on Monday and gained another 1% on market open.
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Siemens Healthineers had seen a 2% decline in fourth-quarter comparable sales
In comparison, analysts had called for £310 million of net income for the health technology company in the recent quarter that concluded in December. In the same period last year, Siemens Healthineers had posted a much lower £267.68 million of net income.
The Erlangen-headquartered company also cited increased demand for its COVID-19 tests last week as it raised its guidance for per-share earnings and revenue in fiscal 2021. The German firm had recorded a 2% decline in its fourth-quarter comparable sales in November.
Siemens Healthineers remained almost flat on average in the stock market last year with an annual decline of roughly 1%. At the time of writing, it is valued at £44.78 billion and has a price to earnings ratio of 33.80.
Nintendo forecasts 26.5 million units of annual sales for its Switch console
In separate news, Nintendo Co Ltd raised its outlook for Switch console annual sales to 26.5 million units on Monday versus its previous guidance of 24 million units. The Japanese multinational consumer electronics and video game company attributed its upbeat forecast to increased sales of its hit device at the end of 2020.
Nintendo opened at £425.14 per share on Monday and is currently trading at a per-share price of £435.29. The Kyoto-based company gained roughly 50% in the stock market last year. It has recovered sharply in recent quarters after a low of £229 per share in March 2020 when the impact of COVID-19 was at its peak. At the time of writing, Nintendo Co Ltd has a market cap of £57 billion and a price to earnings ratio of 18.21.