Charges hurt Siemens Healthcare Q4 results

Nov 14, 2010

A strong performance in Siemens Healthcare's Imaging & IT division was more than overcome by significant goodwill impairment charges in other Siemens healthcare business units in the fourth quarter.

For the period (end-September 30), the Erlangen, Germany-based division posted revenues of 3.4 billion euros ($4.8 billion U.S.), up 9% on an actual basis and 1% on a currency-adjusted basis from the 3.1 billion euros ($4.7 billion U.S.) reported from the fourth quarter last year.

Thanks to impairment charges of 1.2 billion euros ($1.7 billion U.S.) in its Diagnostics division and 96 million euros ($133.7 million U.S.) in charges in its Workflow & Solutions unit, Siemens Healthcare had a net loss of 772 million euros ($1.1 billion U.S.) in the fourth quarter; a year ago, Siemens had a 2009 fourth quarter with net income of 483 million euros ($672.5 million U.S.).

In quarterly highlights, the Imaging & IT division produced profit of 392 million euros ($545.8 million U.S.), a 10% increase from the fiscal 2009 fourth quarter. Siemens credited the earnings growth in part to higher revenue and a favorable product mix. Double-digit order growth in the Americas also included strong demand in the U.S., Siemens said.

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