Siemens Healthcare announced double-digit increases in sales and profits for the year’s first fiscal quarter in the company’s latest earnings report.
The Munich-based industrial tech company reported profits of $586.1 million—an increase of 31 percent—on sales growth of 15 percent to $3.56 billion compared with Q1 2015.
The company attributed the bump to its diagnostic imaging business, which it says saw order and revenue increases across all regions, with particularly strong increases in China.
Siemens grew its profits 42 percent overall to $1.69 billion, or $2.05 per share, on sales of $20.47 billion. That amounts to a top-line gain of 8.5 percent over Q1 2015, with the company showing no signs of slowing down for the rest of 2016.
"We delivered a strong quarter and are well underway in executing our Vision 2020. Therefore, we will raise our earnings outlook for 2016, even though the macroeconomic and geopolitical developments remain a concern for our markets,” said CEO and president Joe Kaeser. “We continue to focus on addressing our structural challenges in the company and invest into further developing our markets and strengthening our innovation power."
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