Siemens: shares flat after 'mixed' quarterly report

(CercleFinance.com) - German engineering group Siemens reported a drop in quarterly operating profit as the firm suffered from unfavourable momentum in energy generation markets.


Siemens said on Wednesday that industrial business profit - a measure of operating profit for all its units - dropped by 14% to 2.2 billion euros from October to December, mainly due to a sharp decline in power and gas businesses.

Total revenue was up 3% at 19.8 billion euros, thanks to strong growth in mobility, digital factory and on the back of the merger of Siemens' wind power business with Spain's Gamesa.

Looking ahead, Siemens said it expects a "mixed" picture in its market environment for fiscal year 2018, still targeting "modest growth" in revenue.

The shares of the diversified group were more or less unchanged after the report, adding less than 0.2% at 121.5 euros in early morning trading in Frankfurt.

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