Siemens sees lower profit, announces restructuring

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

Siemens (OTCPK:SIEGY) saw net profit fall 14% to €1.2B in the most recent quarter as higher taxes and lagging profits at its oil and gas business weighed on earnings.

On the positive side, the company said it booked higher orders, a key factor for earnings down the road.

The results come a day after Siemens announced a wide-ranging restructuring, combining existing businesses into three operating companies: Gas and power, headquartered in Houston, Texas; smart infrastructure, based in Zug, Switzerland; and digital industries in Nuremberg, Germany.

Chief Technology Officer Roland Busch will also become Chief Operating Officer, a signal he could eventually replace Chief Executive Joe Kaeser.

Siemens shares are currently down 4.6% to €114.48 in Frankfurt.

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