Siemens upbeat on earnings

Engineering conglomerate Siemens said yesterday its quarterly profit and sales were set to surpass the year-earlier figures, thanks to robust factory demand. The Munich-based group said it was likely to post a “very strong” increase in new orders for the three months to the end of December, but added the figures would probably not match the €23.5bn (£19.5bn) orders taken in the prior quarter. The company has forecast 25 to 35 per cent profit growth in 2011.