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Siemens: industrial profit slightly below expectations

( - On Thursday Siemens reported quarterly results that are slightly below expectations and reduced its FY profit target, which was weighed on by heavy charges in its energy branch.

This morning Siemens reported a 27% increase in earnings for all its industrial activities to 2.9 billion euros for the quarter ended June, short of the consensus of 3 billion euros.

However, the company made a net loss of 1.5 billion euros, a mirror image of net profit of 1.5 billion euros a year ago, due to a provision for depreciation of 2.7 billion euros on its Siemens Energy division.

For several months this business has been weighed on by the disappointing performance of Siemens Gamesa, its wind energy subsidiary, which is facing serious difficulties in completing its projects.

Revenues rose 4% LFL to 22 billion euros, while its order intake reached 22 billion euros, compared with 20.5 billion a year earlier.

Analysts were expecting 15.5 billion euros in sales and orders in the region of 20 billion euros.

Following the depreciation of the valuation of Siemens Energy, the group says it is now only targeting earnings per share (EPS) of between 5.33 and 5.73 euros for the full year, far from the 8.70 to 9.10 euros forecast it had previously established.

Siemens shares were down in Frankfurt after this publication, underperforming a pretty flat DAX index.

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