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The news is a setback for Chief Executive Joe
Kaeser, a conservative former finance chief who got the top job
when his predecessor was pushed out a year ago, as he seeks to
improve profitability after Siemens lost ground to competitors
like Switzerland's ABB and U.S.-based General Electric.
Kaeser unveiled a corporate overhaul in May, dubbed "Vision
2020", that will see Siemens take out a layer of management by
cutting back to nine core divisions from 16, spinning off its
hearing aids business as a publicly listed company and
separating out management of its healthcare business.
In the three months through June, operating profit from
Siemens's four main businesses - industry, energy, healthcare
and infrastructure & cities - rose 37 percent to 1.74 billion
euros ($2.33 billion), missing the analyst consensus of 1.83
billion euros in a Reuters poll. [ID:nL6N0Q33ZQ]
Profit at the energy business slipped by 6 percent as it booked
one-time charges, especially related to the delayed connection
of offshore wind farms to mainland power grids.
Siemens said it still saw flat revenues in its fiscal year
through the end of September, with an increase in earnings per
share by at least 15 percent from last year's 5.08 euros.
Analysts see 2013/14 revenue down 1.1 percent and earnings per
share up by 25 percent.
($1 = 0.7466 euros)
(Reporting by Maria Sheahan; Editing by Jonathan Gould and Matt
Driskill)
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