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Siemens reports net income of €1.2B in Q3, down 14% YoY
Siemens AG reported on Thursday its net income for the third quarter of fiscal 2018 stood at €1.2 billion, marking a 14% decrease compared to the same time period last year. The company's basic earnings per share were €1.36, 19% lower year on year. Siemens' revenue in the third quarter of fiscal 2018 amounted to €20.4 billion, 4% lower year on year, whereas its industrial business profit stood at €2.2 billion, 2% higher that in the third quarter of fiscal 2017.
The German company announced a 16% climb in orders, reaching a figure of €22.8 billion. The growth was mainly driven by large orders in Siemens Gamesa Renewable Energy (SGRE), Power and Gas, and Mobility. Additionally, the company recorded a growth in orders in all other industrial businesses, particularly Digital Factory that also led the gains in the company's profits. The decline in revenue was due to negative currency translation effects.
"Our global team delivered a strong quarter, highlighted by outstanding order intake, outperforming the market. We diligently address our opportunities and challenges going forward," Siemens Chief Executive Officer Joe Kaeser stated.