Siemens Posts Lower Profit

Siemens AG

reported a drop in its first-quarter profit. Its quarterly net profit dropped to 1.2 billion euros (($1.6 billion), from 1.37 billion euros, in the year-ago period. Its revenue climbed 2% to 18.13 billion euros, while operating profit rose 4% to 1.7 billion euros. Siemens' orders in the quarter declined 3%. Siemens shares closed at $112.40 yesterday.