Siemens suffers orders decline; EPS jumps 6.1%

Thursday, 03. August 2017 08:09

Joe Kaeser will remain president and chief executive until 2021 as part of efforts to maintain the momentum in the Vision 2020 strategy, Siemens AG said on Thursday, after it decided to keep its "guarantor of success, but also of stability." The German engineering conglomerate's head said the digital enterprise segment substantially improved market presence in its third quarter, through June. The top line came in 8.1% higher than last year, at €21.4 billion, where short-cycle sectors showed robust results.

Earnings grew 6.1% on an annual basis, to €1.74 per share, on net income of €1.46 billion, an increase of 6.7%. The item compares to consensus of €1.58 per share, while profit was seen at €1.37 billion. Orders fell 5.9%% to €19.8 billion, led by power and gas and the newly integrated Siemens Gamesa Renewable Energy. Excluding the exchange rate and portfolio effects, turnover added 3% and new business fell 9%, the statement said.

Basic earnings per share from continuing operations surged 10% to €1.76. The outlook for the fiscal year was maintained. In constant currency and without portfolio transactions, EPS is seen between €7.2 and €7.7.

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