Siemens Says 2Q Net Profit Fell; Pulls 2020 Outlook Due to Coronavirus
May 08 2020 - 2:00AM
Dow Jones News
By Kim Richters
Siemens AG on Friday reported a fall in its second-quarter
profit, and withdrew its guidance for the fiscal year due to the
coronavirus pandemic.
Net profit at the German engineering conglomerate fell to 652
million euros ($704.4 million) for the period ended March 31 from
EUR1.81 billion a year earlier.
At Siemens' industrial business, adjusted earnings before
interest, taxes and amortization fell 18% to EUR1.59 billion, while
the adjusted Ebita margin for the division was 12.1%.
Siemens said revenue for the quarter was EUR14.23 billion
compared with EUR14.25 billion for the year-earlier period. Orders
fell to EUR15.15 billion from EUR16.46 billion.
"Despite the coronavirus pandemic Siemens was able to operate
production sites and supply chains near normal levels in 2Q FY
2020," the company said. However, it said volume, income and cash
flows were clearly hit by the pandemic.
The company has pulled its outlook for fiscal 2020 and expects a
stronger coronavirus hit in the third quarter. It now expects a
moderate decline in comparable revenue for the full fiscal year and
didn't provide a guidance for basic earnings per share.
It confirmed the timeline for its energy business spinoff.
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
May 08, 2020 01:45 ET (05:45 GMT)
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