Siemens 3rd quarter profits hit 1 billion 2006

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Siemens third-quarter net profits are $1.01 billion, more than double the $495.5 million it posted for the same period last year. Revenues for the quarter rose to $27 billion from last year’s 23.6 billion.

Much of the company’s reshaping took place in its Communications division as Siemens struck an agreement to merge its Carrier and Enterprise networks groups into a joint venture with Nokia Corp. The deal is expected to close no later than the second quarter of 2007.

The Communications division itself reported third-quarter sales at $3.785 billion, up just 1 percent year over year, while orders rose 5 percent to $4.149 billion.

Third-quarter profits fell from $103.1 million last year to $3.82 million this year.

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