Siemens 1Q Net Profit, Revenue Rose
February 05 2020 - 1:29AM
Dow Jones News
By Kim Richters
Siemens AG (SIE.XE) on Wednesday reported first-quarter net
profit and revenue rose, and it backed its full-year guidance.
Net profit at the German engineering conglomerate rose to 1.08
billion euros ($1.19 billion) from EUR1.01 billion in the same
period a year earlier.
Revenue for the quarter increased to EUR20.32 billion from
EUR20.12 billion, the company said. However it added that revenue
on comparable basis fell 1%. Orders fell to EUR24.76 billion from
EUR25.17 billion.
Analysts had expected quarterly net profit of EUR912 million on
revenue of EUR22.64 billion, according to a consensus provided by
the company.
The company backed its guidance for the its 2020 fiscal
year.
Siemens said late Monday that it will acquire Iberdrola's
(IBE.MC) stake in the joint-business Siemens Gamesa Renewable
Energy (SGRE.MC) for EUR1.1 billion.
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
February 05, 2020 01:14 ET (06:14 GMT)
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