Siemens Q3 profit 539 million eurosChristian Fernsby ▼ | August 7, 2020
Siemens on Thursday reported a fall in third quarter profit, and expects the coronavirus pandemic to strongly hit the final quarter of its fiscal year.
Siemens Net profit fell to 539 million euros ($639.4 million)
The result was effected by a loss from Siemens Gamesa Renewable Energy SA and a higher income tax rate, said the company.
At Siemens' industrial business, adjusted earnings before interest, taxes and amortization increased 8% to EUR1.79 billion, partly due to "a strong performance" at Digital Industries, while the adjusted Ebita margin for the division rose to 14.3%. Analysts had expected EUR1.17 billion for the segment's adjusted Ebita.
Siemens said revenue for the quarter was EUR13.49 billion compared with EUR14.24 billion for the year-earlier period. Orders fell to EUR14.40 billion due to the pandemic, Siemens said. ■