Siemens Forecast-Beating Profits

[Barry]

Siemens posted forecast-beating first-quarter profits on Thursday, but impending takeover rumours have quelled any future earnings expectations. Siemens failed to release a solution for its mobile-phone business, where losses continued amid falling prices and lower sales volumes.


For its first quarter, reported operating profit up 5 percent to 1.433 billion euros ($1.87 billion) from a year earlier, at the high end of forecasts in a Reuters poll of 23 analysts, driven by some of its traditional, industrial units.

By 6:10 a.m. EST, Siemens shares were up 1.15 percent at 62.56 euros against a slightly lower blue-chip DAX index.


The phone handset unit made a loss of 143 million euros in the December quarter. Average selling prices fell to 86 euros from 99 the previous quarter, while the 13.5 million phones it sold represented a drop of 11 percent year-on-year.

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