Siemens sees favourable mar­ket en­vi­ron­ment

The Irish Times - Business - - MARKETS -

Siemens said it ex­pects a con­tin­ued favourable mar­ket en­vi­ron­ment as it re­ported in­dus­trial profit in line with ex­pec­ta­tions.

The trains-to-tur­bines maker said it wanted to raise its div­i­dend and launch a new €3 bil­lion share buy­back af­ter re­port­ing flat in­dus­trial profit of €2.145 bil­lion dur­ing its fis­cal fourth quar­ter.

The com­pany’s net profit fell 46 per cent to €681 mil­lion dur­ing the three months to Septem­ber 30th, bet­ter than the €595 mil­lion ex­pected by an­a­lysts.

The fig­ure was hit by €301 mil­lion in re­struc­tur­ing charges in­curred from job cuts at its power and gas busi­ness. The busi­ness, which has seen less de­mand for large gas-pow­ered tur­bines, chalked up a loss of €139 mil­lion dur­ing the quar­ter.

Siemens said the ser­vice busi­ness did well, but de­mand con­tin­ued to slide in its man­u­fac­tur­ing side. – Reuters

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