Siemens Healthineers shares rose modestly on the Frankfurt Stock Exchange on Thursday, following the presentation of quarterly results in line with expectations.

This morning, the German medical device manufacturer reported adjusted earnings before interest and taxes (Ebit) up 8% to 742 million euros for its first fiscal quarter to the end of December, in line with consensus.

Its adjusted operating margin (Ebit) increased to 14.3%, from 13.5% a year earlier.

Sales rose by 1.9% to 5.2 billion euros, just above the average market forecast (5.1 billion euros).

On an organic basis, sales growth reached 5.7%.

This is rather satisfying when you consider that many were fearing a weaker-than-expected quarter", says a trader.

Its closely watched US cancer care subsidiary, Varian, generated organic growth of 22.3% in the quarter, for an adjusted operating margin of 15.9%

The Group also confirmed its annual targets, still expecting organic growth of 4.5% to 6.5% for the full year, with adjusted EPS expected to be between 2.10 and 2.30 euros.

Listed on the DAX index of the Frankfurt Stock Exchange, Siemens Healthineers shares gained 0.6% on Thursday morning following this publication, which came as no great surprise.

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