Siemens is a popular European based industrial equipment and technology manufacturing company has announced its last quarter result. It looks like the company has managed to overcome the struggles caused by the deadly pandemic which caused millions of dollars in various other industries including the entertainment and manufacturing sector. The management of the company has announced that it has recorded a 28% increase in net profit to 1.88 billion euros during the last quarter of the year. It said that it has generated a revenue of 800 million euros from the discontinued business which the company has resumed for the last couple of months.
Many manufacturing companies located around the world have been facing multiple threats mainly due to the conditions which were imposed on the imports and exports of goods and material from various other countries. Many European countries are currently discussing imposing the second phase of complete lockdown to prevent their people from getting infected with the dangerous virus. Governments have come forward in supporting those manufacturing companies by providing required financial support. It looks Siemens have adopted different sets of strategies during the pandemic to run their business model so that they have generated a positive quarter result.
Prior to this many big companies in the global market have been continuously reporting about their losses. It’s clear that many companies failed to meet their expectation during this fiscal year. Manufacturing sectors were completely stopped producing goods and materials for the last couple of months making a hard time for almost every government. It’s reported that more than a million are facing unemployment especially for those who are working in the airports, tourism industry, and other sectors. Even though the conditions are returning back to normal in few regions of the world it might take more than 6 months to land on the full production. It looks like these companies will be employing AI machines in processing the work.
Even though several companies are actively discussing the next generation work culture it might take too long for it to get implemented. The next generation work culture has something where the humans will be coordinating with the robots and other artificial intelligence machines for carrying out the work progress. Siemens has announced that this pandemic “will not have a long-lasting effect” on the global economy. The company has expressed a positive outlook over the upcoming financial year 2021. The revenue fetched by the company during the last quarter has been compared with the 1.47 billion euros in the July-September quarter last year.
Many might have known about the 173-year-old company which has been upgrading itself to meet the current generation expectations and standards. It’s clear that the company has a storm knowledge in the safe work culture which has lead the company to fetch a decent amount of revenue through their various sources. Kaeser took charge as the CEO of the company during the year 2013, after that the company has undergone some major restructuring process to focus more on their energy and medical equipment businesses. Investors who have invested in the company have also seen a handful of profit during all these years. It looks like investors will be fetching a decent dividend yield in the upcoming years.