5/8/2019, 10:12 AM (Source: TeleTrader)
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Chart for: SIEMENS AG  NA O.N.

Siemens soars over 5% after earnings

Siemens shares traded with sharp gains on Wednesday, surging 5.02% at 10:10 am CET after the company published its quarterly earnings earlier in the day. The conglomerate announced that its revenue increased 4% on an annual basis, driven by growth seen across all sectors. Siemens net income amounted to €1.9 billion, which was 5% more than 12 months ago.

Meanwhile, the company confirmed its stance on the decision to spin off its gas and power businesses in order to boost performance in other sectors. "It is about further developing a company which is changing fundamentally," Siemens Chief Executive Officer Joe Kaeser said during a press conference, following the release of the quarterly results. "Our maximum priority is to stabilize a company which is sound and strong in its core. Many companies dream of being in situation Siemens is in," he pointed out.

Kaeser did not comment on Siemens' rail business, following the European Commission's decision to block the company's merger with French rail giant Alstom due to antitrust issues.

Breaking the News / SS