Siemens Posts Drop In Quarterly Net Profit, Cuts Forecast

Siemens AG SI posted a drop in its net profit for the three months ended March 31 and lowered its full-year profit forecast. Siemens now expects profit from continuing operations this year between EUR5.2 billion and EUR5.4 billion, versus its earlier forecast of EUR6 billion. Siemens' quarterly net profit dropped to EUR981 million, from EUR2.793 billion in the year-ago period, versus analyst's estimates of EUR1.045 billion. Its new orders tumbled 13% at EUR17.88 billion, down from analysts' estimates of EUR20.08 billion. Siemens shares closed at $92.14 yesterday.