Siemens net profit +20%; to delist from NYSE

|About: Siemens AG (SIEGY)|By:, SA News Editor

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)