Siemens profit drops to 1b eurosBusiness | 1 Aug 2019 4:29 pm
Industrial equipment and technology company Siemens says net profit slipped by 6 percent in the company's most recent quarter as weaker demand for factory automation from the auto and machine-building sectors hit profits.
Siemens said net profit eased to 1.134 billion euros in the April-June quarter, the company's fiscal third, from the year-earlier period. Revenue grew by 4 percent to 21.27 billion euros.
The order backlog _ a key determiner of future earnings _ hit a record high of 144 billion euros led by sharp growth in the company's renewable energy business, which took in two orders for offshore wind farms in Taiwan totaling 2.3 billion euros, and by a 1.2 billion euro order for high-speed trains and maintenance in Russia. -AP