Siemens 4Q Net Profit and Revenue Rose, Beating Expectations
07 November 2019 - 5:58PM
Dow Jones News
By Kim Richters
Siemens AG (SIE.XE) on Thursday reported a rise in its
fourth-quarter profit and revenue, beating analysts'
expectations.
Net profit at the German engineering conglomerate rose to 1.32
billion euros ($1.46 billion) from EUR559 million in the same
period a year earlier, partly benefiting from a substantially lower
income tax rate year-over-year, the company said.
Siemens said revenue for the quarter increased to EUR24.52
billion from EUR22.61 billion, while orders rose to EUR24.71
billion from EUR23.70 billion. The rise was driven by the company's
industrial businesses, it said, particularly Siemens
Healthineers.
Analysts had expected Siemens to report fourth-quarter net
profit of EUR1.01 billion on revenue of EUR23.22 billion and orders
of EUR23.60 billion, according to a consensus provided by the
company.
The company said it achieved its full-year targets for fiscal
2019. As for the next fiscal year, it expects moderate growth in
comparable revenue and a moderate decline in market volume for its
short-cycle businesses.
Siemens expects basic earnings per share from net income to be
between EUR6.30 to EUR7.00 compared with EUR6.41 in fiscal
2019.
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
November 07, 2019 01:43 ET (06:43 GMT)
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