Correction to Article on Siemens 1Q Profit

By FeaturesDow Jones Newswires

Siemens AG's (SIE.XE) net profit rose in the first fiscal quarter, thanks in part to a one-off gain from the sale of Osram Licht AG (OSR.XE) and lower tax costs stemming from the U.S. fiscal overhaul, the company said Wednesday.

Net profit for the October-December period was 2.74 billion euros ($3.41 billion), compared with EUR1.98 billion a year ago, the company said. A consensus provided by FactSet pegged net profit at EUR1.89 billion.

Continue Reading Below

Siemens attributed the rise to a EUR655 million gain from the Osram sale and the revaluation of future tax positions in the U.S., which offset a 14% decline in industrial business profit.

Revenue rose 3% to EUR19.82 billion from EUR19.21 billion a year ago, while orders increased by 14% to EUR22.48 billion, Siemens said.

Siemens reiterated its fiscal 2018 guidance of an 11%-12% margin at its industrial business and basic earnings per share in the range of EUR7.20 to EUR7.70.

The company also said it expects markets to remain challenging partly because of geopolitical uncertainties.

Write to Nathan Allen at

Siemens's first-quarter profit was EUR2.21 billion. "Siemens 1st-Quarter Net Profit Rose on Lower Tax Costs, Osram Sale," at 0600 GMT, misstated the net profit figure in the second paragraph. It was EUR2.21 billion, not EUR2.74 billion.

(MORE TO FOLLOW) Dow Jones Newswires

January 31, 2018 01:30 ET (06:30 GMT)

Continue Reading Below