Siemens exceeded analysts’ profit expectations in the first quarter of its new fiscal year. The result from the industrial business between October and December was 2.7 billion euros, up nine percent on the previous year, as the Munich technology group announced on Wednesday evening. Analysts surveyed by Siemens had expected an average of only 2.5 billion euros. On the eve of the Annual General Meeting, CEO Roland Busch spoke of the “strongest start to a new financial year to date. Net profit fell to 1.6 billion euros (previous year: 1.8 billion euros). On a comparable basis, sales soared by eight percent to 18.1 billion euros Although the value of new orders fell by eight percent, at 22.6 billion euros it was well above analyst estimates.