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Siemens sees 28% hike in third quarter profit

Headwinds within energy segment can't hold German giant back.

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Siemens, News

German industrial giant Siemens posted a rise in third quarter profit despite headwinds in the energy sector.

Net income rose to EUR 1.4 bn ($1.84 bn) for the three months to 30 June, from EUR 1.1 bn in the corresponding period of 2014.

Revenue rose by 1% to EUR 17.9 bn and orders remained level year-over-year at EUR 19.4 bn, the company revealed in its earnings statement.

Profit in the energy sector decreased to EUR 405 mn as its power transmission division sustained EUR 128 mn in profit charges related mainly to grid connections to offshore wind-farms and EUR 27 mn related to a high voltage direct current (HVDC) transmission project in the UK.

However energy generated substantial order growth from large contract wins in all its divisions, including a EUR 1.6 bn offshore wind-farm order.

"While we made good progress in most areas, the Energy Sector poses a continued challenge in the quarters to come,” said Siemens president and CEO Joe Kaeser.

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