Asian gains fuel Siemens rebound
Thursday 10 November 2011
German industrial equipment maker Siemens today posted a fourth-quarter net profit of 1.23 billion euro (£1.04 billion), boosted by an increase in sales in Asia.
That represents a rebound from a net loss of 396 million euro (£336 million) in the same quarter a year ago, when the company had a large one-time charge at its healthcare division.
Revenues rose by 5% to 20.35 billion euro (£17.3 billion), boosted by a 12% increase in Asia.
The company said sales grew across all regions and experienced particularly strong growth in emerging markets.
Orders, however, fell 2% and the company forecast "moderate" sales growth.
The company raised its dividend to 3.00 euro (£2.55) per share from 2.70 euro (£2.29) per share last year.
Across Siemens' divisions, its fossil-fuel power generation unit raised earnings by 10%.
But its power transmission equipment divisions saw earnings slip 28% due to costs of hedging raw materials and the emergence of new competitors in low-cost countries.
Munich-based Siemens makes a wide range of heavy industrial goods, including trains and streetcars, power generating and transmission equipment, diagnostic machines for hospitals and factory equipment.
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