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Siemens earnings slip on lower demand from auto industry

The company said Thursday that net profit eased to US$1.252 billion in the April-June quarter.

August 1, 2019   by ASSOCIATED PRESS

FRANKFURT—Industrial equipment and technology company Siemens says net profit slipped 6% in the company’s most recent quarter as weaker demand for factory automation from the auto and machine-building sectors hit profits.

The company said Thursday that net profit eased to 1.134 billion euros (US$1.252 billion) in the April-June quarter, the company’s fiscal third, from the year-earlier period. Revenue rose 4% to 21.27 billion euros.

The company’s order backlog—a key determiner of future earnings—hit a record high of 144 billion euros led by sharp growth in the company’s renewable energy business, which took in two orders for offshore wind farms in Taiwan totalling 2.3 billion euros, and by a 1.2 billion euro order for high-speed trains and maintenance in Russia.

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