Siemens Long-Cycle Industry Customers Weighing Investments Again
Siemens Lifts Dividend as Demand Buoys Sales, Orders
Michele Tantussi/Bloomberg
Siemens predicted “substantial” organic order growth for fiscal 2011, and “moderate” growth for revenue. Income from continued operations next year will exceed this year’s earnings by 25 percent to 35 percent, the company said.
Siemens predicted “substantial” organic order growth for fiscal 2011, and “moderate” growth for revenue. Income from continued operations next year will exceed this year’s earnings by 25 percent to 35 percent, the company said. Photographer: Michele Tantussi/Bloomberg
Nov. 11 (Bloomberg) -- Siemens AG Chief Executive Officer Peter Loescher talks about the company's fiscal fourth-quarter results and dividend policy. Europe’s largest engineering company plans to boost its dividend to 2.7 euros for 2010, more than analysts had predicted, after resurging economic growth bolstered manufacturing. Loescher speaks from Munich with Maryam Nemazee on Bloomberg Television's "Countdown." (Source: Bloomberg)
Siemens AG said customers for long- cycle industrial products are considering investments again, and that the recovery in short-cycle demand has extended into the first quarter of its fiscal year.
Siemens, based in Munich, continues to review the portfolio of its industrial unit, Siegfried Russwurm, head of Siemens’ industry division, said during an event at Red Bull Racing’s factory in Milton Keynes, where he presented software that’s used to tweak the handling of Formula 1 cars.
Siemens’s industry division, its biggest by sales, accelerated cost cuts, reduced investment and steered its focus toward emerging markets to weather a slump in spending on machinery. The division last year eliminated 16,000 posts and reduced sales and administrative costs by 750 million euros in one year, exceeding a 600 million-euro goal set for two years.
The German company competes with Royal Philips Electronics N.V. and General Electric Co. in the light-bulb market, with ABB Ltd. in automation, and Alstom SA and Bombardier Inc. in the train market.
To contact the reporters on this story: Andrew Noel in London at anoel@bloomberg.net.
To contact the editor responsible for this story: Benedikt Kammel at bkammel@bloomberg.net
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