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ZURICH (Reuters) – Siemens reported a drop in second-quarter profit at its industrial business on Thursday, after a slowdown in its flagship factory automation division.
The manufacturer of trains and industrial software posted a 2% drop in industrial profit to €2.51 billion in the three months to the end of March. This figure is lower than analysts’ forecasts of 2.68 billion euros, according to a consensus compiled by the company.
Turnover fell 1% to 19.16 billion euros, below the expected 19.28 billion euros.
Digital Industries – the company’s software and automation division – faced falling orders, sales and profits during the period, the company said in a statement.
In contrast, Siemens’ buildings and transportation divisions both recorded an increase in revenue during the quarter.
“Siemens demonstrated its resilience with strong revenue performance in the areas of intelligent infrastructure, mobility and industrial software, which almost offset the currently weak demand in Digital Industries’ automation businesses “, declared Roland Busch, chairman of the management board, in a press release.
(Written by John Revill, French version Kate Entringer)
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