Updated from 1:55 a.m. EST

Siemens

(SI) - Get Report

said income from continuing operations rose 17% in its fiscal first quarter, but net income declined 81% to 1.23 billion euros ($1.62 billion) as the year-earlier period included a gain of about 5.4 billion euros related to the sale of Siemens VDO Automotive.

Revenue in the quarter rose 7% to 19.6 billion euros, supported bystrong order growth in recent years, the German industrial company said in a statement Tuesday. Revenue rose in its three sectors of energy, health care and industry. The company's order book for the period fell 8% to 22.2 billion euros.

CEO Peter Loscher said the company is sticking to its 2009 targets, "even though reaching them has become more ambitious."

Siemens said total sectors profit is targeted to reach 8 billion to 8.5 billion euros in fiscal 2009, "provided that customers do not materially slow conversion of booked orders to revenue and pricing does not further diminish due to continued adverse market development."

Income from continuing operations in the quarter was 1.3 billion euros, up 17%, as total sectors profit rose year over year.

The stock was trading about 5% higher.

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