Siemens' Q1 results reflect global challenges

By staff writers

January 28, 2014 -- Ongoing market challenges stalled growth for Siemens Healthcare in the company's first quarter of 2014 (end-December 31).

First-quarter revenue decreased 5% to 3.09 billion euros ($4.2 billion U.S.), compared with 3.25 billion euros ($4.42 billion U.S.) in the first quarter of fiscal 2013. When adjusted for currency changes, however, revenue rose 1%.

The healthcare division's profit also slipped 6% to 471 million euros ($640 million U.S.), compared with 503 million euros ($684 million U.S.) in the same quarter of fiscal 2013.

The company cited ongoing market challenges, including weak economic conditions in Europe, uncertainty in the healthcare market, an excise tax on medical devices in the U.S., and slowing growth in China, as reasons for the lackluster results.

Copyright © 2014

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