Siemens Profit Rises 24%

Siemens said fiscal first-quarter profit rose 24% to 1.53 billion euros ($2.15 billion) from 1.23 billion euros a year earlier despite a revenue decline of 12%.
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Siemens

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said fiscal first-quarter profit rose 24% to 1.53 billion euros ($2.15 billion) from 1.23 billion euros a year earlier despite a revenue decline of 12% (8% organic) to 17.35 billion euros.

Siemens, in a press release Tuesday, said total sectors profit, or operating profit at the company's three primary businesses, rose 11% to 2.26 billion euros. Analysts expected profit on this basis to fall.

Siemens said first-quarter orders were 18.98 billion euros, a decline of 15% (11% organic) from the same period a year earlier, including "expected contraction in industrial and energy infrastructure markets that typically lag macroeconomic cycles. "

Peter Loscher, chairman of Siemens, the largest electronics company in Europe, said Tuesday the "actions we took at a very early stage are now cushioning us from the ongoing repercussions of the global recession. "

After a double-digit percentage decline in orders in fiscal 2009, Siemens said it expects a mid-single-digit percentage decline in organic revenue in fiscal 2010 "due to the stabilizing effect of our strong order backlog." Total sectors profit is expected to come in at 6 billion euros to 6.5 billion euros in fiscal 2010.

-- Reported by Joseph Woelfel in New York.

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