Siemens, the German engineering company, reported better than expected results for the third quarter on Thursday and raised its guidance for 2016 as a whole, despite headwinds from the global energy markets and European Union political turmoil.
Joe Kaeser, chief executive of Siemens, told CNBC Thursday: "The conditions in the marketplace are not exactly giving us a lot of tailwind, so we are having to manage opportunities, which we believe there are plenty of. The oil and gas sector is struggling a lot, but on the other hand that is an opportunity because we need to help our customers get their costs down."
The industrial giant hiked its forecast for earnings per share from net income for the full year to 6.5-6.7 euros ($7.2-$7.5), up from a previous estimate of 6 to 6.4 euros. Kaeser said the company is "well on our way" in restructuring. Siemens' share price rose by around 3 percent in early trading on Thursday.
Net profit for the three months to the end of June was 1.33 billion euros, higher than analysts' forecasts for 1.2 billion euros.
Siemens was boosted by large orders at its power and gas and energy divisions, despite declining oil and gas prices.