Health Care

Siemens Q4 Profit Rises; Sees Modest Growth In FY18 Revenue

German engineering group Siemens reported a worse-than-expected 10% drop in industrial profit for its fiscal fourth quarter as its large gas turbines unit struggled with price pressure and over capacity.

The shares fell 2.6 percent to 120.10 euros at 9:05 a.m.in Frankfurt.

Meanwhile, German media speculated ahead of his media briefing that Siemens would announce a further 4,000 job cuts, although no new redundancies were announced.

The restructuring of its power unit is not the only change facing the industrial giant.

Munich-based Siemens said Thursday it earned 1.29 billion euros ($1.5 billion) in its fiscal fourth quarter, up from 1.17 billion euros in 2016.

Profit at the Power and Gas division, Siemens second biggest after healthcare, plummeted 40% to €303m, including €70m of positive inventory effects. Orders climbed 16 percent to 23.66 billion euros and revenue rose 2 percent to 22.3 billion euros.

The coming financial year will be a "mixed picture", ranging from strong markets in the short-cycle businesses to "unfavorable dynamics" for energy generation, Siemens said.

In addition, the company expects a profit margin of 11.0 percent to 12.0 percent for its Industrial Business, and basic earnings per share from net income in a range of 7.20 euros to 7.70 euros, both excluding severance charges.

Kaeser said the company is keeping its options open for the float of the health-care business.



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