Siemens earnings slip on lower demand from auto industry

Business
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FRANKFURT, Germany (AP) — 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 ($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 inthe company’s renewable energy business, which took in two orders for offshore wind farms in Taiwan totaling 2.3 billion euros, and by a 1.2 billion euro order for high-speed trains and maintenance in Russia.

Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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