Siemens

(SI) - Get Report

reported a fourth-quarter loss of 2.42 billion euros ($3.02 billion) on costs for job cuts and as the German company recorded a provision of about 1 billion euros related to an alleged bribery scandal.

A year earlier, Europe's largest engineering company reported a loss of 74 million euros.

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Revenue in the quarter rose 7% to 21.65 billion euros from 20.2 billion euros a year earlier. New orders in the fourth quarter were 22.2 billion euros, an increase of 4%.

Sector profit, or earnings at the company's core industry, energy and health-care operations, declined 25% to 1.5 billion euros.

In a statement Thursday, CEO Peter Loscher said "organic growth remains our focus, and despite the macroeconomic adversity we confirm our growth target. It has become clearly more ambitious to reach our income guidance for fiscal 2009. But we stick to it."

Siemens said it total sector profit for fiscal 2009 is expected at 8 billion euros to 8.5 billion euros, excluding items that may arise from restructuringand legal and regulatory matters.

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