How Will Siemens (SIEGY) Stock React To Quarterly Results?

NEW YORK (TheStreet) -- Shares of Siemens (SIEGY) are slightly higher in afternoon trading after the German technology company reported an increase in second quarter profit but warned that its energy business remains a challenge and conflicts around the globe increasingly threaten its expansion plans.

"Geopolitical tensions such as in Ukraine and Middle East pose a serious risk for Europe's growth," said CEO Joe Kaeser.

Siemens's annual sales to Russia are about 2 billion euros, or $2.68 billion.

Siemens said net profit was 1.37 billion euros for the April-to-June period, up 28% over the 1.07 billion euros it posted in the same period last year.

Revenue declined 3.7% to 17.92 billion euros from 18.61 billion euros. 

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