Siemens reports Q3 results in line with forecasts as weak dollar weighs
The maker of industrial software and trains reported industrial profit falling 7% to 2.82 billion euros ($3.29 billion) for the three months to the end of June, in line with analyst forecasts in a company-gathered consensus.
Earnings were reduced by currency translation effects, particularly the fall of the dollar versus euro during the quarter, as well as restructuring costs as Siemens shed jobs at its flagship digital industry division.
Revenue rose 3% to 19.38 billion euros, beating forecasts for 19.24 billion euros.
"Our third-quarter performance demonstrates that Siemens is delivering robust results despite the volatile global market," said Chief Executive Roland Busch in a statement.
The executive did not got into details regarding the increased trade tariffs following U.S. President Donald Trump's global trade reset, aas the weakening of the U.S. dollar weighed on Siemens results.
Currency translation effects took four percentage points from order growth and three percentage points from revenue growth, Siemens said.
The dollar lost 8% against the euro during the quarter caused by concerns over the Federal Reserve's independence, the credibility of official statistics, ballooning fiscal debt and rising bets on interest rate cuts.
($1 = 0.8568 euros)
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