Siemens: expects 'modest' growth for new fiscal year.
(CercleFinance.com) - Siemens said on Thursday that it has achieved "excellent" results in fiscal year 2016/2017, although warned that it will have to tackle "structural issues" in new fiscal year 2017/2018.
In the past financial year, revenue rose by 4% to 83 billion euros, while net income increased by 11% to 6.2 billion euros.
However, in the fourth-quarter, revenue rose by just 2% to 22.3 billion euros, while net income increased 10% to 1.3 billion euros.
Siemens also said that there was "a lot of work ahead" in fiscal year 2017/2018 - which began in October - and added it expected a "mixed picture."
For fiscal year 2017/2018, the group only expects modest growth in revenue, citing unfavourable dynamics in energy generation markets.
After these comments, Siemens shares were down 3.1% at 119.5 euros in Frankfurt.
Siemens also said this morning that Jochen Schmitz - currently head of accounting, reporting and controlling for the group - had been appointed chief financial officer of Siemens Healthineers.
The firm also said that preparations for the IPO of its healthcare unit were "on schedule."
Copyright (c) 2017 CercleFinance.com. All rights reserved.
In the past financial year, revenue rose by 4% to 83 billion euros, while net income increased by 11% to 6.2 billion euros.
However, in the fourth-quarter, revenue rose by just 2% to 22.3 billion euros, while net income increased 10% to 1.3 billion euros.
Siemens also said that there was "a lot of work ahead" in fiscal year 2017/2018 - which began in October - and added it expected a "mixed picture."
For fiscal year 2017/2018, the group only expects modest growth in revenue, citing unfavourable dynamics in energy generation markets.
After these comments, Siemens shares were down 3.1% at 119.5 euros in Frankfurt.
Siemens also said this morning that Jochen Schmitz - currently head of accounting, reporting and controlling for the group - had been appointed chief financial officer of Siemens Healthineers.
The firm also said that preparations for the IPO of its healthcare unit were "on schedule."
Copyright (c) 2017 CercleFinance.com. All rights reserved.