Siemens sees favourable market environment
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