Siemens FQ3 profit moves up but sounds caution on energy division


Siemens (OTCPK:SIEGY -0.2%) reports FQ3 net profit of €1.37B ($1.84B), up 28% Y/Y, but revenue declined 3.7% to €17.92B from €18.61B and order intake fell 3.5% to €19.41B.

Profit jumped 51% Y/Y to €548M at Siemens' industry and infrastructure divisions for factory equipment and trains, but energy profit fell 5.8% to €405M, and CEO Joe Kaeser warns that the energy business faces challenges as global conflicts increasingly threaten expansion plans.

The infrastructure and cities sector reported a €350M profit after a €23M loss in the year-ago quarter.

Recorded €155M in charges for delays to power transmissions projects, adding to more than €1.1B in such costs since 2011 and €350M for late train deliveries.

Affirmed earlier guidance for the fiscal year ending in September, and said it continues to expect EPS to increase at least 15%.

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