Siemens steady but ‘work to do’

Siemens posted net fourth quarter income of €1.3bn on €22.3bn in orders, up 10% and 2% compared with the year-ago period.

Full year revenue was up 3% at €83bn while net income was up 11% at €6.2bn.

Fourth quarter revenue in the energy management business, which includes grid, was flat on a comparative basis at €3.435bn while profit in the segment was up 4% at €311m.

Total orders were €4.05bn in the quarter buoyed by a €800m deal for an offshore grid connection project in Germany.

“Lower revenue mainly in the division’s transmission businesses, particularly in the solutions business. On a regional basis, an increase in Asia, Australia was more than offset by declines in Europe/CAME and in the Americas,” said Siemens.

Siemens Gamesa Renewable Energy produced revenues of €2.33bn in the quarter but a loss of €92m.

Siemens chief executive Joe Kaeser said: “Our global team delivered excellent results in fiscal 2017. Most businesses are stronger than ever and well equipped for the digital age. Nevertheless, we have to tackle structural issues in some individual businesses.”

He added: “There is a lot of work ahead of us in fiscal 2018. We will take advantage of our opportunities in the market and handle challenges carefully, responsibly and rigorously.”

Image: Siemens