Siemens profit 27 percent higher in April-June quarter, but strong euro hurts revenue, orders

Siemens says its net profit rose 27 percent in the April-June period after earnings a year earlier were weighed down by restructuring costs, though the strong euro hurt its revenue and new orders figures.

The Munich-based industrial conglomerate on Thursday reported net earnings of 1.4 billion euros ($1.9 billion) for its fiscal third quarter, up from 1.1 billion euros last year.

Revenue was down 4 percent at 17.92 billion euros. Orders dropped 3 percent to 19.41 billion euros.

Siemens said that the revenue and orders figures were held back by currency translation effects. The company says that, excluding those effects, revenue would have risen slightly and orders would have been level.

Siemens shares were 0.5 percent higher in early Frankfurt trading at 93.15 euros.