Siemens Sectors See Record Profit

2010-07-31 09:42:00 (GMT) ( - News Providers News)

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Renewable Energy division posted nearly €2.3 billion in orders in Q3

July 29, 2010 — Fueled in part by its Renewable Energy division, German engineering conglomerate Siemens continued its march out of the recession with €21 billion in orders from Q3 2010 and a record profit of slightly over €2.3 billion from its sectors, the company reported.

Siemens said all three of its Sectors (Energy, Industry and Healthcare) showed profit increases compared to the prior-year period. Energy remained the top earnings contributor led by the Fossil Power Generation Division. However, the Renewable Energy Division posted orders worth nearly €2.3 billion, the highest order level of all the company’s 14 Divisions.

Industry produced high double-digit profit growth, due mainly to recovery of its short-cycle businesses as well as tight cost management. Steadily recovering short-cycle businesses posted strong revenue growth, led by Industry Automation and Osram. Revenue for the overall Sector rose seven percent compared to the prior-year period.

Healthcare also posted high double-digit profit growth. Orders at Healthcare climbed 18 percent in the third quarter.

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