Siemens: net profit up thanks to one-off gain
(CercleFinance.com) - Siemens said on Thursday that its fourth-quarter net profit rose 28% as the German industriel group compensated a decline in revenue with a one-off gain from the sale of its stake in Bentley Systems.
Siemens' net profit in the three months to 30 September rose to 1.9 billion euros from 1.5 billion euros in the same period last year.
The company recorded a gain of 533 million euros, mainly from the revaluation of its stake in Bentley Systems following the engineering firm's public listing in September, it said.
Orders reached 15.6 billion euros, nearly at the same level as in the same quarter a year ago, while revenue fell by 6% to 15.3 billion euros, hit by by negative FX factors.
On a comparable basis, orders rose 2%, while revenue declined 3%.
For its new fiscal year 2021, Siemens said it expects net income to increase "moderately" from 4.2 billion euros in fiscal 2020, despite strong currency headwinds.
These results fell slightly short of analysts' average forecast of 4.8 billion euros, with Siemens shares falling 4% on Thursday morning, largely underperforming the German blue-chip DAX index which was down just 0.8%.
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