Breaking News Bar
posted: 11/9/2017 7:00 AM

Siemens profit grows, but its power and gas unit suffers

hello
Success - Article sent! close
 
 

BERLIN -- Industrial conglomerate Siemens says its net profit rose 10 percent in the July-September period from a year earlier on a healthy increase in orders, but earnings at its power and gas unit dropped sharply.

Munich-based Siemens said Thursday it earned 1.29 billion euros ($1.5 billion) in its fiscal fourth quarter, up from 1.17 billion euros in 2016. Orders climbed 16 percent to 23.66 billion euros and revenue rose 2 percent to 22.3 billion euros.

The company said industrial business's performance more than offset the 40 percent earnings decline at its power and gas unit to 303 million euros "in a highly competitive market environment."

CEO Joe Kaeser said that the company will "have to adapt capacities, even if that means painful cuts" to ensure that business's future.

Article Comments ()
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the X in the upper right corner of the comment box. To find our more, read our FAQ.