FRANKFURT, Germany (AP) — Industrial equipment maker Siemens AG reported net profit fell in the most recent quarter due to large one-time gains in the year earlier period.
But the company's figures out Wednesday beat analyst estimates, and underlying industrial profit grew 28 percent, to 2.1 billion euros ($2.4 billion), with one-time effects tossed out.
The Munich-based maker of trains and power stations said that orders grew 7 percent to 22.3 billion euros, boosted by a 3.1 billion euros order for power plants in Egypt.
Net profit fell to 1.5 billion euros from 3.9 billion euros in the January-March quarter last year, when the company booked 3.0 billion euros in gains from selling its hearing aid business and a stake in a home appliances company. Net profit beat estimates of 1.1 billion euros.