Siemens: Q3 earnings rise; CEO's contract extended.
(CercleFinance.com) - Siemens said on Thursday that its earnings rose sharply in the third quarter to end-June and extended CEO Joe Kaeser's appointment until 2021.
Revenue rose 8% to 21.4 billion euros, up 3% like-for-like, while orders fell 6% to 22.8 billion due to a lower volume of large orders at Siemens' new wind power business.
The German industrial giant said net income increased by 7% to 1.5 billion euros, with basic EPS amounting to 1.74 euro.
The company said it was "fully on track for another strong year."
This means Siemens continues to expect modest growth in revenue, net of effects from currency translation and portfolio transactions, in its fiscal year 2017, which will close at the end of September.
Its supervisory board has also extended Joe Kaeser's appointment as chairman and chief executive officer ahead of schedule, with his term of office now prolonged until 2021.
"This move is intended to ensure the continuity and stability needed for sustainable and successful implementation of the company's Vision 2020 strategy program," the group said in a press release.
Siemens described the CEO as a "guarantor of success" and stability in "increasingly turbulent times."
Siemens shares are currently down 2.5% in early morning trading in Frankfurt.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
Revenue rose 8% to 21.4 billion euros, up 3% like-for-like, while orders fell 6% to 22.8 billion due to a lower volume of large orders at Siemens' new wind power business.
The German industrial giant said net income increased by 7% to 1.5 billion euros, with basic EPS amounting to 1.74 euro.
The company said it was "fully on track for another strong year."
This means Siemens continues to expect modest growth in revenue, net of effects from currency translation and portfolio transactions, in its fiscal year 2017, which will close at the end of September.
Its supervisory board has also extended Joe Kaeser's appointment as chairman and chief executive officer ahead of schedule, with his term of office now prolonged until 2021.
"This move is intended to ensure the continuity and stability needed for sustainable and successful implementation of the company's Vision 2020 strategy program," the group said in a press release.
Siemens described the CEO as a "guarantor of success" and stability in "increasingly turbulent times."
Siemens shares are currently down 2.5% in early morning trading in Frankfurt.
Copyright (c) 2017 CercleFinance.com. All rights reserved.