German industrial giant Siemens reported a strong set of quarterly results on Thursday as the company took advantage of the "global economic upturn".
While its financial first quarter profits were hit by a weak performance from its power and gas business, the company's group net income rose 12% to €2.2bn.
New orders rose 14% to €22.5bn, beating market forecasts of €20.81bn and total revenue climbed 3% to €19.8bn.
Power and gas struggles
But thanks to the power and gas business, earnings at Siemens' industrial unit were down 14% to €2.21bn. Although this beat forecasts of €2.19bn, the company was cautious over the future of the unit.
"The declining market for fossil power generation is not a temporary slump," said chief executive Joe Kaeser.