Siemens Beats Estimates as Revamp Starts to Pay Off
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Siemens AG reported earnings that beat analyst estimates as a restructuring program at Europe’s largest engineering company started to bear fruit and profit from factory automation and building technologies offset energy project charges.
Income from continuing operations rose 36 percent to 1.4 billion euros ($1.9 billion) in the fiscal third quarter, the Munich-based company said in a statement today. The average estimate of 10 analysts in a Bloomberg survey was 1.3 billion euros. Sales declined 3.7 percent to 17.9 billion euros.