Tuesday, January 11, 2011

Watch out GE: "Siemens sees 1st quarter profit,sales up yr/yr" (SI; GE)

Siemens is GE's much better managed doppelgänger. We are fans.
Pre-market SI is up 2.61% at $118.70, GE is up .81% at $18.66.
From Reuters:
* Siemens sees robust growth in Q1 new orders
* Sees H1 negative one-time effects from SIS sale
* Bad effects seen at mid-to-high, triple-digit mln euros
* Sees Q1 profit from continuing operations up
* Sees Q1 sales up year/year, down quarter/quarter (Adds quotes, background)

FRANKFURT, Jan 10 (Reuters) - Siemens AG (SIEGn.DE), Europe's biggest engineering conglomerate, said its first-quarter profit and sales were set to surpass the year-earlier figures, thanks to robust factory demand.

The Munich-based group said on Monday it was likely to post a "very strong" increase in new orders for its first quarter, which ended on Dec. 31, but added the level would likely not match the strong fourth-quarter figure of around 23.5 billion euros ($30.43 billion).

"We're off to a good start and are fully on track to reach our targets," Chief Financial Officer Joe Kaeser said at an investor conference in New York.

A summary of his speech was released by Siemens in Germany.

Siemens, which makes everything from fast trains and steam turbines to hearing aids and light
bulbs, has forecast a 25 percent to 35 percent growth in profit from continuing operations for the fiscal year to Sept. 30, 2011, with new orders improving significantly and organic sales returning to moderate growth.
Industry automation and drive technologies divisions, whose main customers are manufacturing plants, have driven revenue and profit growth for the first quarter.

Commenting on the company's bread-and-butter Industry business, Kaeser said the strong momentum in short-cycle businesses, such as industry automation and drive technologies, would likely continue in its fiscal first-half, but growth would slow down in the second-half....MORE
"Slimmed-Down Siemens Girds for Growth" (SI)
"Siemens Long-Cycle Industry Customers Weighing Investments Again" (SI)
"Siemens Reports Big Jump in Orders" (SI)
I'll See Your Eco-imagination and Raise: "Siemens Predicts Sales of Green Technology Products to Reach $55 Billion" (SI; GE)
Siemens; ABB lifted to conviction buy at Goldman: ABB, Siemens, Schneider to Gain From Demand for Smart Grids, Goldman Says (SI; ABB)
Siemens Sees Strong Profitability, Decides to Open a Bank (SI)

And many more, use the search blog box, keyword Siemens.
For more on Siemens vs. General Electric see:

Attention GE: Huge After Hours Breakout for Siemens AG (SI)