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Article updated: 1/23/2013 7:30 AM

Siemens earnings down 12 percent in its Q1

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Joe Kaeser, CFO of German industrial conglomerate Siemens, gestures during a news conference prior to the annual shareholder meeting in Munich, southern Germany Wednesday.

Associated Press

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Earnings at industrial conglomerate Siemens AG declined 12 percent in the October-December quarter after the company took charges at its transport business and a solar power operation it is selling. Siemens reported Wednesday net earnings of (euro) 1.21 billion ($1.6 billion) in its fiscal first quarter, down from (euro) 1.38 billion a year earlier. However, its revenue climbed 2 percent to (euro) 18.13 billion despite a 3 percent drop in orders to (euro) 19.14 billion.