Siemens raises profit forecast as new orders roll in

German industrial equipment maker Siemens AG raised its profit forecast for the year Thursday as new orders jumped and quarterly profits beat expectations.

The company said earnings per share for the current business year would rise to 6.50-6.70 euros, up from the previous forecast for 6.00-6.40 euros.

The company, which makes trains, wind and gas power generation equipment and medical imaging devices, said new orders — a key indicator of future profit — grew 6 percent to 21.1 billion euros ($23.6 billion).

Siemens shares rose 2.9 percent to 99.63 euros in morning trading in Europe.

CEO Joe Kaeser said the company is making progress in...