Siemens: Q3 earnings up, but cautious on outlook
Siemens earnings up in latest quarter but company says full-year target looks more ambitious
BERLIN (AP) -- Industrial conglomerate Siemens AG saw earnings increase by 70 percent in the April-June period as revenue climbed 10 percent, but the company pointed to a difficult market environment and said reaching its full-year outlook has become "clearly more ambitious."
Siemens on Thursday reported net earnings of €823 million ($996 million) for its fiscal third quarter — up from €462 million a year earlier.
The Munich-based company said revenues rose to €19.54 billion from €17.84 billion. But new orders declined 23 percent to €17.77 billion from €22.94 billion — depressed by a lower number of large-scale orders like one from Germany's national railway last year.
Siemens said its full-year target of €5.2 to €5.4 billion in income from continuing operations — set in April — looks more ambitious.
