By  Christopher Alessi

German engineering company Siemens AG (SIE.XE) is scheduled to report its earnings for the first quarter of fiscal year 2015 before the market opens Tuesday. It will also hold its Annual General Meeting the same day. Siemens will report first quarter results with its new divisional structure. Here's what you need to know:

EARNINGS FORECAST: Analysts forecast earnings per-share of EUR1.50, compared with EUR1.60 last year, according to a poll by The Wall Street Journal. Siemens said in November it expects per-share earnings to rise 15% this year, compared with EPS growth of 25% in 2014.

REVENUE FORECAST: Analysts predict revenue to grow 2% to EUR17.16, compared with EUR16.82 during the same period last year, according to the poll by the Journal. The company expects revenue to remain flat in 2015 year-on-year.

WHAT TO WATCH:

--POWER & GAS: There are two concerns surrounding this EUR14 billion business, say analysts at Morgan Stanley: the timing around Siemens's $7.6 billion acquisition of U.S. oil equipment manufacturer Dresser-Rand Group (DRC) and "competitive dynamics in the core gas turbine operations" in light of the GE-Alstom merger. Analysts expect Power & Gas sales in 2015 to be down as a result of weak European power plant markets, declines in the high-margin advanced gas turbine market, and short-term pressure due to the low oil price. Analysts forecast first-quarter profit margin for Power & Gas to fall to 13.9% from 18.2% a year earlier.

--HEALTHCARE: Analysts at RBC Capital Markets forecast 2015 divisional sales to grow 2% year-on-year, helped by growth in developing markets. Margins should stay the same as 2014, at 17.2%, RBC said. The healthcare business is now managed as a separate business entity within Siemens, and analysts have predicted Chief Executive Joe Kaeser could divest the lucrative business this year or next. Morgan Stanley values the business at roughly EUR23 billion. Analysts forecast first-quarter profit margin for Healthcare to drop to 16.3% from 17.6% the previous year.

--DIGITAL FACTORY/PROCESS INDUSTRIES & DRIVES: These short cycle businesses should see low growth in 2015, according to analysts at Jefferies. But an improvement in the global macroeconomic environment--including an upswing in Europe--could quickly reverse this trend, analysts at RBC say. Analysts forecast first-quarter profit margin for Digital Factory to increase to 17.9% from 17.8% and profit margin for Process Industries and Drives to rise to 8.2% from 7.4% last year.

Write to Christopher Alessi at christopher.alessi@wsj.com

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