Siemens Warns on Profit, Sees Orders Boost

BERLIN -- Siemens ( SI) said a payment to former nuclear joint-venture partner Areva NP will weigh on earnings in the current quarter, although it expects to report a significant increase in orders.

The company said Tuesday orders for its fiscal third quarter, which ends June 30, were boosted by an order for new long-distance trains from German railway Deutsche Bahn. It also expects a "clear" year-on-year revenue increase.

Siemens noted that earnings would be impacted by a ruling in May that it must pay €648 million ($920 million), plus interest, to France's Areva over its decision in 2009 to pull out of a joint venture to build nuclear plants.

It said that because of the payment, quarterly net income should be "slightly above" last year's €1.4 billion.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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