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Business

Siemens Posts Healthy Quarterly Results

Siemens AG, Germany's largest engineering company, reported a 29 percent rise in its quarterly profit on Wednesday and predicted it will exceed its full-year earnings forecast after sales gained for the first time in two years, according to a company statement. Net income in the third quarter ending June increased to €815 million ($983 million), or 88 cents a share, from €632 million, or 71 cents, in the same period in 2003. Sales also rose, up to €18.22 billion from €17.38 billion, the company statement said. The engineering firm is benefiting from a rebound in demand for factory automation equipment and phone networks after cutting 35,000 jobs in the past three years to lower costs, according to a report on Bloomberg.com.