Siemens Cuts 2013 Outlook Amid Charges for Delayed Trains
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Siemens AG, Europe’s largest engineering company, cut its full-year forecast after quarterly earnings missed analyst estimates amid charges for failed wind energy transmission projects and the delayed delivery of trains.
Net income from continuing operations will approach the low end of its 4.5 billion-euro ($5.9 billion) to 5 billion-euro target, the Munich-based company said today. Siemens now also predicts a “moderate” decline in organic sales, after a previous forecast for stable sales.