Siemens Q3 net dips 31%
Industrial conglomerate Siemens’ third-quarter profit fell 31% from the same period a year ago, but was buoyed by better orders for power plants.
By Agencies |
FRANKFURT: Industrial conglomerate Siemens said on Wednesday that its third-quarter profit fell 31% from the same period a year ago, but was buoyed by better orders for power plants.
The company, which makes a wide range of products including trains, light bulbs, medical equipment and power generation turbines, earned e1.42 billion ($2.2 billion) in net profit for the April-June period, down from e2.07 billion last year. Revenue was up 10% to e19.2 billion ($29.76 billion) compared with e17.5 billion a year earlier.
Siemens said its pre-tax profit ��� used as a barometer by analysts ��� rose 29% to e2.5 billion ($3.9 billion) from e1.95 billion a year ago. ���We shifted Siemens into a higher gear in the third quarter, reaching important milestones on our reorganisation path,��� chief executive Peter Loescher said in a statement. ���We are becoming faster, more efficient and more focused as a company, with the timely entrepreneurial approach that is required to stay on this course,��� he said.
Siemens said its closely watched new orders for the quarter rose 21% to e23.7 billion ($36.97 billion) from e19.5 billion a year ago.
Order growth was well-balanced with double-digit expansion in all sectors. Revenue growth included double-digit increases in energy and health care and 8% growth in the company���s largest sector, industry.
The company, which makes a wide range of products including trains, light bulbs, medical equipment and power generation turbines, earned e1.42 billion ($2.2 billion) in net profit for the April-June period, down from e2.07 billion last year. Revenue was up 10% to e19.2 billion ($29.76 billion) compared with e17.5 billion a year earlier.
Siemens said its pre-tax profit ��� used as a barometer by analysts ��� rose 29% to e2.5 billion ($3.9 billion) from e1.95 billion a year ago. ���We shifted Siemens into a higher gear in the third quarter, reaching important milestones on our reorganisation path,��� chief executive Peter Loescher said in a statement. ���We are becoming faster, more efficient and more focused as a company, with the timely entrepreneurial approach that is required to stay on this course,��� he said.
Siemens said its closely watched new orders for the quarter rose 21% to e23.7 billion ($36.97 billion) from e19.5 billion a year ago.
Order growth was well-balanced with double-digit expansion in all sectors. Revenue growth included double-digit increases in energy and health care and 8% growth in the company���s largest sector, industry.
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