Siemens Healthineers’ profit jumps to £389 million in fiscal Q2
- Siemens Healthineers says its profit and revenue jumped in the second quarter.
- The German firm forecasts 14% to 17% growth in comparable revenue this year.
- Siemens Healthineers shares were about 1% up in premarket trading on Monday.
Siemens Healthineers AG (ETR: SHL) reported an increase in its second-quarter profit and revenue on Monday as demand remained resilient in recent months. On the back of hawkish quarterly performance, Siemens Healthineers also raised its full-year guidance.
Siemens Healthineers shares that you can conveniently trade online via a range of user-friendly apps were reported about 1% up in premarket trading on Monday and jumped another 1% on market open. The stock, however, lost almost the entire intraday gain later on to trade at a per-share price of £41.40.
Siemens Healthineers reports £3.45 billion of revenue
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Siemens Healthineers said its net profit in the second quarter printed at £388.87 million. In the same quarter last year, its net profit was capped at a lower £360.17 million. The German company generated £3.45 billion of revenue in Q2 versus the year-ago figure of £3.21 billion.
The medical equipment maker attributed its upbeat performance to the Diagnostic segment that saw strong demand for rapid COVID-19 antigen tests. In the prior quarter (Q1), the healthcare company had posted a 44% increase in its net profit.
In its earlier guidance, Siemens Healthineers had forecast up to 12% growth in comparable revenue this year and up to £1.58 of adjusted earnings per share. On Monday, the Erlangen-based company said it is now targeting a 14% to 17% growth in comparable revenue instead. Siemens Healthineers now expects its per-share earnings to fall in the range of £1.65 to £1.78 on an adjusted basis.
CEO Bernd Montag’s comments on CNBC’s “Squawk Box”
On CNBC’s “Squawk Box”, CEO Bernd Montag commented on the quarterly financial update and said:
“The global procedure volumes have returned to pre-pandemic levels. And we continue to benefit from the COVID-19-related demand. When it comes to investment division in imaging equipment etc., we see good momentum in Europe and Asia while the U.S. is still muted. But we see the U.S. market coming back with already strong growth in orders which also gives us confidence for the future.”
In separate news from Europe, oil major British Petroleum said on Monday it wants to build wind farms off Scotland.
Siemens Healthineers performed slightly downbeat in the stock market last year with an annual decline of just over 1%. At the time of writing, the German medical equipment maker is valued at £46.76 billion and has a price to earnings ratio of 31.87.