Siemens Narrows Loss, Raises Dividend
MUNICH (
) --
Siemens
(SI) - Get Report
, the industrial conglomerate, posted a narrower fiscal fourth-quarter loss as it recorded a number of charges.
Siemens lost €396 million ($545 million) in the fourth quarter, compared with a year-earlier loss of €1.06 billion. It recorded a €1.2 billion charge for its diagnostics unit, and charges of €383 million for completing staff cuts at its information technology unit.
Revenue in the quarter rose 8% to €21.23 billion with growth in all reporting regions and double-digit gains in emerging economies. New orders rose 25% to €23.47 billion.
Siemens said operating, or totals sector profit, for the quarter dropped 45% to €1.06 billion.
Siemens said it saw its strongest order growth of 40% from its energy division.
"We expect clear growth in new orders compared to fiscal 2010," CEO Peter Loescher said. "Also, revenue should again grow moderately. We expect to continue the positive trend in earnings growth."
Siemens said it plans to distribute between 30% and 50% of its net income to shareholders. It said it will propose a dividend of €2.70 for the 2010 fiscal year, up from the previous year's €1.60.
-- Written by Joseph Woelfel
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