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Siemens -1% after profit misses forecast, Alstom rail deal hopes fade

Jan. 30, 2019 10:37 AM ETSiemens Aktiengesellschaft (SIEGY) StockALSMY, SIEGYBy: Carl Surran, SA News Editor
  • Siemens (OTCPK:SIEGY -1%) opens lower after FQ1 earnings slipped 6% to €2.07B ($2.37B), missing analyst consensus estimate of €2.15B, as profits at its Power and Gas business plunged 50%.
  • Siemens' power business has been hurt by declining demand for giant turbines, as the global energy industry shifts towards renewable sources such as wind and solar and away from fossil fuel power plants.
  • Q1 revenue edged higher to €20.12B from €19.82B in the year-ago quarter while new orders rose 12% to €25.17B.
  • Siemens CEO Joe Kaeser says he hopes for a successful completion of the merger plan but the company would not pursue the deal "at all costs."
  • Siemens would be unlikely to make a second approach to a new European Union commission after the European elections in May, says managing board member Roland Busch.
  • Financial Times reports EU competition commissioner Margrethe Vestager is set to go ahead with an internal recommendation to veto the Siemens-Alstom (OTCPK:ALSMY) rail merger.

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