Accessibility/Mobile Features
Skip Navigation
Skip to Content
Editorial News
Business
Classified Sites

The Canadian Press - ONLINE EDITION

Net profit rises as Siemens AG moves past one-time charges

FRANKFURT - Industrial equipment maker Siemens AG said quarterly net profit rose 20 per cent as the company moved past one-time charges for delays delivering high-speed trains.

Net profit rose to 1.46 billion euros ($2 billion) in the fourth quarter of 2013, the company's fiscal first. That was up from 1.21 billion euros a year ago.

Last year the company had 116 million euros in charges connected to delay in production of trains for Germany's railway company, and a 150 million euro loss at its solar power business. This year's figure also had stronger gains for real estate sales.

But while the bottom line improved, a stronger euro and slower demand in emerging markets hurt top-line revenues. They were down 3 per cent at 17.325 billion euros.

Orders — a key determiner of future profits — rose 9 per cent. Saudi Arabia helped with a 1.6 billion euro order for two driverless subway lines in the capital, Riyadh.

CEO Joe Kaeser called it a "sound quarter," adding that "market conditions were not in our favour."

Siemens said Tuesday expects "challenging" markets this year. It predicted it would grow net profit by 15 per cent, assuming flats sales with currency effects excluded.

The Munich-based company also said it was withdrawing its listing on the New York Stock Exchange. It says the U.S. accounted for less than 5 per cent of its global trading volume and that ending the listing would simplify financial reporting. Siemens has traded as ADRs, or American Depositary Receipts.

Siemens shares rose 1.6 per cent to 98.98 euros in morning trading in Europe.

Siemens makes a wide range of heavy equipment and infrastructure, including trains, power turbines, and medical diagnostic devices.

  • Rate this Rate This Star Icon
  • This article has not yet been rated.
  • We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high. If you thought it was well written, do the same. If it doesn’t meet your standards, mark it accordingly.

    You can also register and/or login to the site and join the conversation by leaving a comment.

    Rate it yourself by rolling over the stars and clicking when you reach your desired rating. We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high.

Sort by: Newest to Oldest | Oldest to Newest | Most Popular 0 Commentscomment icon

You can comment on most stories on brandonsun.com. You can also agree or disagree with other comments. All you need to do is register and/or login and you can join the conversation and give your feedback.

There are no comments at the moment. Be the first to post a comment below.

Post Your Commentcomment icon

Comment
  • You have characters left

The Brandon Sun does not necessarily endorse any of the views posted. Comments are moderated before publication. By submitting your comment, you agree to our Terms and Conditions. New to commenting? Check out our Frequently Asked Questions.

letters

Make text: Larger | Smaller

Brandon Sun Business Directory
Submit a Random Act of Kindness
Why Not Minot?
Welcome to Winnipeg

Social Media

Canadian Mortgage Rates