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| Siemens expects strong profitability in third quarter of fiscal 2010 In the third quarter of the current fiscal year, German engineering giant Siemens AG expects continued strong profitability at its Sectors with growth in new orders and revenue again exceeding the corresponding prior-year figures. The last time Siemens posted a plus in both orders and revenue was in the fourth quarter of fiscal 2008. Driving this positive development in the third quarter of 2010 were, among other things, a recovery in the company's short-cycle businesses and strong demand in the emerging countries, explained CFO Joe Kaeser at the Energy Sector's Capital Market Days. He added that, due to continuing cost productivity in the third quarter, total Sectors profit was likely to closely approach the results from operations in the strong previous quarter while including no significant one-time effects. In the second quarter of the current fiscal year, Siemens reported total Sectors profit of some €2.1 billion. However, all third quarter projections reflect substantial currency translation effects due to the strength of the U.S. dollar during the quarter. The total orders and revenue - including the impact of currency effects - of the three Siemens Sectors Industry, Energy and Healthcare in the third quarter of 2010 will probably exceed the corresponding figures reported for both the prior year and the previous quarter. In the third quarter of 2009, the total orders of Siemens' three Sectors came to about €16.2 billion and total revenue to about €17.4 billion. In the second quarter of fiscal 2010, new orders were roughly €17.1 billion and revenue about €17.5 billion. write your comments about the article :: © 2010 Construction News :: home page |