Siemens net profit +20%; to delist from NYSE


Siemens' (SI) FQ1 net profit climbed 20% to €1.46B ($1.99B) after the year-earlier figure was dragged down by special charges.

Revenue dropped 3% to €17.325B.

Income from continuing operations +21% to to €1.39B, topping forecasts of €1.33B.

Total sectors profit +15% to €1.79B, "highlighted by a strong performance in Infrastructure & Cities." Consensus was for €1.86B.

New orders at continuing operations rose 9% to €20.83B, due mainly to large contracts for trains and wind turbines.

Siemens reiterates that it expects growth of 15% in 2014 EPS.

Development and demand in emerging markets were still "pretty strong" despite a 4% fall in sales in those regions, CEO Joe Kaeser says, adding that he wouldn't be too surprised if there was to be "an uptick in China's economy" soon. (PR)

Siemens intends to delist its American Depositary Receipts from the New York Stock Exchange in order to cut costs and lower the complexity of its financial reporting. (PR)

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Comments (1)
  • User 18909511
    , contributor
    Comment (1) | Send Message
     
    This is what the PR post says -
    Siemens plans to continue its American Depositary Receipt Program on the basis of a so-called "sponsored Level I-Program". This program allows for investors to continue holding Siemens shares in the form of ADR. Once Siemens has delisted from the NYSE, Siemens will apply for deregistration with the SEC and for termination of its reporting obligations under the U.S. Securities Exchange Act of 1934.

     

    Does the above mean that we can continue to hold the ADRs. Once they have been delisted from NYSE they will trade OTC ?

     

    thanks
    29 Jan 2014, 01:35 PM Reply Like
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