Siemen’s Sales Drop By 6%

Siemens reported weaker-than-expected industrial profit during its first quarter.It reported a 6 percent fall in adjusted operating profit for its industrial business during the three months ended Dec. 31 to 2.07 billion euros ($2.37 billion) missing the forecast for 2.15 billion euros.

The German industrial group said on Wednesday, adding it still expected to complete its mega rail merger with France’s Alstom in the first half of this year.Its Power and Gas business, which has been hit by collapsing demand for giant turbines as the global energy industry shifts towards renewable sources like wind and solar and away from fossil fuel power plants, suffered a 50 percent drop in operating profits during the quarter.

Via CNBC

Leave a Reply

Your email address will not be published. Required fields are marked *