REBOUNDING GLOBAL ECONOMY HELPS FILL ORDER BOOK AT SIEMENS

Germany’s Siemens AG raised its outlook for the year Thursday, joining other major European industrial companies in signaling that the economic recovery from the coronavirus pandemic is gathering pace despite parts shortages and concerns over the spread of the delta variant.

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Rebounding global demand for infrastructure and manufacturing software led to a sharp increase in orders in the April-June quarter at Munich-based Siemens AG, with an order from U.S. rail company Amtrak a large contributor.

Siemens said orders saw “double-digit growth in all industrial businesses and reporting regions.”

The engineering and manufacturing company raised its outlook for its fiscal year, joining Volkswagen and Airbus in raising their predictions for business performance amid a global recovery from the worst of the pandemic shutdowns in the April-June quarter a year ago.