GCTAY Siemens Gamesa Renewable Energy (PK)

   By Nathan Allen 
 

Germany's Siemens AG (SIE.XE) on Thursday said fourth-quarter net profit rose, citing good results from most of its businesses, which offset lower earnings at its wind energy and gas and power businesses.

Net profit for the July-September period was 1.29 billion euros ($1.50 billion), up from EUR1.15 billion a year earlier. A consensus provided by FactSet anticipated quarterly net income at EUR1.27 billion.

Revenue for the quarter was up slightly at EUR22.30 billion from EUR21.95 billion a year earlier, though it fell short of a consensus estimate for EUR23.44 billion compiled by FactSet.

Orders for the quarter climbed 16% to EUR23.66 billion, outstripping sales and ensuring a quarterly book-to-bill ratio of 1.06.

The company proposed to raise its dividend by EUR0.10 a share to EUR3.70 a share.

Siemens also said it expects modest organic revenue growth for fiscal 2018, and basic earnings of EUR7.20 to EUR7.70 a share. The company predicts a profit margin at its industrial business of between 11% to 12% excluding severance charges, it said.

Siemens also announced that it appointed Jochen Schmitz as the new chief financial officer of its healthcare business, which it expects to list on the stock market in the first half of 2018.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

November 09, 2017 01:16 ET (06:16 GMT)

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