Germany's Siemens on Wednesday reported weaker-than-expected industrial pro...
) on Wednesday reported weaker-than-expected industrial profit during its first quarter as a downturn in the manufacturing sector 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 , missing analyst forecasts for 1.88 billion euros in a consensus gathered by the company.The trains to factory software maker said its industrial operating margin, excluding severance payments, fell to 8.3% from 10.5% a year earlier. The company confirmed its guidance of full year earnings per share in the range of 6.30 to 7.00 euros after posting 1.
Gas and Power saw its operating profit plunge 63% during the first quarter, while Gamesa posted a 165 million euro loss due to project delays caused by the early onset of wintry weather in northern Europe.
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