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Siemens earnings down 12 percent in fiscal Q1

BERLIN (AP) -- Industrial conglomerate Siemens AG says its net earnings declined 12 percent in the October-December quarter as revenue edged slightly higher, new orders declined and the company took one-time charges — some related to the solar power business it is selling.

The company said Wednesday that it earned €1.21 billion ($1.6 billion) in its fiscal first quarter, compared with €1.38 billion a year earlier. Revenue climbed 2 percent to €18.13 billion from €17.86 billion.

However, orders dropped 3 percent to €19.14 billion from €19.72 billion. CEO Peter Loescher cautioned: "for the rest of the year as well, we don't expect any tailwinds from the global economy."

Siemens said a €150 million loss at the solar business contributed to the net profit decline. Its transport business also took charges of 116 million.