Siemens AG shows rise in net profit for latest quarter

  • Business
  • Thursday, 29 Jul 2004

FRANKFURT, Germany (AP) - Industrial conglomerate Siemens AG made a net profit of 815 million (US$986 million) in its most recent quarter, the company said Thursday, improving 29 percent on the same quarter last year and beating stock market analysts' estimates. 

Profits in the April-June quarter - the Munich-based company's fiscal third - were boosted by the auto parts and automation divisions, which each showed strong profit increases, and by a turnaround at its telephone network equipment decision, which returned to profit after a large one-time charge last year. 

"I am pleased about the developments in the third quarter,'' chief executive Heinrich von Pierer said in a statement. 

"Order intake is developing well, supported particularly by a very strong June. Also, net income is progressing ahead of our expectations and should enable us to exceed our own earnings objectives for the full year.'' 

Net profit beat the average estimate among analysts surveyed by Dow Jones Newswires of 708 million (US$857 million).  

In the same quarter last year, the company made 632 million (US$764 million) net. Sales rose to 18.2 billion (US$22.0 billion) from 17.4 billion. 

Stars among the company's 13 divisions included Siemens VDO Automotive, which raised operating earnings to 174 million (US$210 million) from 111 million a year ago. - APLatest business news from AP-Wire

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