Daily reviews

12.11.2020

Siemens posts mixed results and forecasts an increase in profit

 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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