Siemens posts weaker-than-expected first-quarter industrial profit

FAN Editor
FILE PHOTO: Logo of German industrial group Siemens is seen in Zurich
FILE PHOTO: The logo of German industrial group Siemens is seen in Zurich, Switzerland, January 30, 2019. REUTERS/Arnd Wiegmann/File Photo

February 5, 2020

MUNICH (Reuters) – Germany’s Siemens <SIEGn.DE> on Wednesday reported weaker-than-expected industrial profit during its first quarter as the industrial downturn hit its flagship digital industries business and its wind power unit suffered losses.

Chief Executive Joe Kaeser described a slow start to the year as Siemens’s industrial operating profit fell 30% to 1.43 billion euros ($1.58 billion), missing analyst forecasts for 1.88 billion euros in a consensus gathered by the company.

Revenue rose slightly to 20.32 billion euros, missing estimates for 20.63 billion euros.

The trains to industrial software maker said its industrial operating margin, excluding severance payments, fell to 8.3% from 10.5% a year earlier.

(Reporting by John Revill; Editing by Michelle Martin)

Free America Network Articles

Leave a Reply

Next Post

James’ late scoring spree leads Lakers’ rout of Spurs

FILE PHOTO: Feb 1, 2020; Sacramento, California, USA; Los Angeles Lakers forward LeBron James (23) dunks the ball during the first quarter against the Sacramento Kings at Golden 1 Center. Mandatory Credit: Sergio Estrada-USA TODAY Sports February 5, 2020 LeBron James scored 19 of his 36 points in the fourth […]