1/31/2018, 7:11 AM (Source: TeleTrader)
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Siemens lifts earnings by 27 cents to €2.68

Siemens AG said on Wednesday that its net income in the first fiscal quarter jumped 12% year over year, to €2.2 billion, with a net positive impact from the sale of a share in Osram Licht AG. Expenses were cut by €437 million due to new tax legislation in the United States. Earnings per share, at €2.68, beat the figure from one year before of €2.41, while analysts' estimate was €2.51. Profit was expected at €1.78 billion.

The widely watched orders segment came in 14% higher, at €22.5 billion, compared to revenue growth of 3% to €19.8 billion. The two categories added 7% and 1% without currency and portfolio effects. The German engineering titan highlighted results in mobility and the digital factory division as well as wind power generators, where it merged with Gamesa. The book-to-bill ratio climbed to 1.13, the most since the second fiscal quarter of 2016.

In the three months through December, the company profited €2.2 in its industrial sector, a drop of 12% on an annual basis. The power and gas component, currently being restructured, weighed on results and eclipsed "excellent performance in the short-cycle business and mobility, while currency changes also chipped off a chunk of income, the company said.

Baha Breaking News (BBN) / IT