BERLIN (AP) – Orders and earnings at industrial conglomerate Siemens were lower than a year earlier in the October-December period, the company said Wednesday, weighed down by weaker performances in the auto and energy sectors.
Siemens said orders for the period, its fiscal first quarter, were down 2% at 24.76 billion euros ($27.4 billion). Net profit declined 3% to 1.09 billion euros. It pointed to â€œsharply lower large volume from large ordersâ€ at its mobility business and a similar issue with the gas and power business.
Revenue was up 1% at 20.32 billion euros.
The Munich-based company confirmed its full-year outlook for â€œmoderate growth in comparable revenue, net of currency translation and portfolio effects.â€
CEO Joe Kaeser said that â€œafter a powerful finish in fiscal 2019, the first quarter started slowly as expected.â€
He said that â€œthe weak performance across our energy businesses reinforces our priorities,â€ with the company planning to carve out its gas and power division and add its 59% stake in Siemens Gamesa Renewable Energy to create a new entity, Siemens Energy, which will be spun off before the end end of the fiscal year.