Siemens 3Q Net Profit Fell; Expects Coronavirus Hit in 4Q
August 06 2020 - 1:56AM
Dow Jones News
By Kim Richters
Siemens AG on Thursday reported a fall in third-quarter profit,
and expects the coronavirus pandemic to strongly hit the final
quarter of its fiscal year.
Net profit at the German engineering conglomerate fell to 539
million euros ($639.4 million) for the period ended June 30 from
EUR1.03 billion a year earlier.
The result was effected by a loss from Siemens Gamesa Renewable
Energy SA and a higher income tax rate, said the company.
At Siemens' industrial business, adjusted earnings before
interest, taxes and amortization increased 8% to EUR1.79 billion,
partly due to "a strong performance" at Digital Industries, while
the adjusted Ebita margin for the division rose to 14.3%. Analysts
had expected EUR1.17 billion for the segment's adjusted Ebita.
Siemens said revenue for the quarter was EUR13.49 billion
compared with EUR14.24 billion for the year-earlier period. Orders
fell to EUR14.40 billion due to the pandemic, Siemens said.
For the fiscal year, it continues to expect a moderate decline
in comparable revenue.
"While we expect the economic consequences of the Covid-19
pandemic to continue to strongly impact our fiscal fourth quarter
financial results, macroeconomic developments and their influence
on Siemens still cannot be reliably assessed," it said.
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
August 06, 2020 01:41 ET (05:41 GMT)
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