Siemens Says Worst Is Still to Come as Coronavirus Hits Profits
08 Mayo 2020 - 2:50AM
Noticias Dow Jones
By Ruth Bender
BERLIN--Siemens AG said Friday that it expects an even bigger
hit from the coronavirus pandemic in the quarter ending June after
the German engineering giant's profits and orders tumbled in the
first three months of 2020 due to the current crisis.
"Many of our key industries are impacted strongly," said Chief
Executive Joe Kaeser, citing automakers, airlines and machine
building, where Siemens expects the full impact of government
lockdowns to be felt in the months April to June. Beyond that,
Siemens said it can't yet make reliable predictions and pulled its
previous guidance.
Siemens' industrial profit, a core measure of its operating
performance, fell 18% to 1.59 billion euros ($1.72 billion) in the
three months ended March, as all industrial businesses were hurt by
the pandemic. Orders fell 8% due to sharp declines at the
train-engineering business.
Sales, however, fell only 1% to EUR14.23 billion as medical
technology business Siemens Healthineers was able to offset
declining sales at the trains division and digital industries.
Despite the current challenges, Siemens is sticking to the
timetable for the spin off and listing of its Siemens Energy
business before the end of September. In the long run, Mr. Kaeser
said he expects the trend of factory automation and digitalization
to accelerate as a result of this pandemic, which should provide
new growth opportunities for Siemens.
Write to Ruth Bender at ruth.bender@wsj.com
(END) Dow Jones Newswires
May 08, 2020 03:35 ET (07:35 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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