Siemens posts mixed results and forecasts an increase in profit
Industrial profit margin for the quarter was 18.7% compared with 16.0% a year earlier
Stocks impacted: Siemens (SIE)
The German engineering conglomerate reported a rise in its fourth-quarter profit, beating expectations, and forecast a slight increase in 2021 profit, citing the waning coronavirus pandemic. Siemens' net profit for the period ended September 30 rose to 1.76 billion euros from 1.32 billion euros a year earlier, as the company benefited from higher income from discontinued operations. Industrial profit margin for the quarter was 18.7% compared with 16.0% a year earlier. Meanwhile, revenue for the quarter fell 6% to 15.31 billion euros, while orders declined 1% to 15.56 billion euros because of negative currency translation effects. Europe’s biggest engineering firm management proposed a dividend of 3.50 euros per share, down from 3.90 euros the previous year.
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