Siemens revenues dip in Q1, profit grows

In what the company described as a "challenging market environment," Siemens AG achieved greater profits in its Siemens Healthcare division, but revenues and new orders declined in the first quarter of fiscal year 2010 (end-December 31).

Revenues dipped 4% to 2.83 billion euros ($3.96 billion U.S.), compared with 2.93 billion euros ($4.1 billion U.S.) in the first quarter of 2009. That's down 4% on an actual basis but up 1% when adjusted for currency effects.

The segment's profit increased to 523 billion euros ($732.2 million U.S.) for the first three months of the fiscal year, up 53% on an actual basis compared with 342 billion euros ($478.8 million U.S.) in the same quarter of 2009. First-quarter 2009 profits were adversely affected by charges of 41 million euros ($57.4 million U.S.) in the segment's Workflow and Solutions division.

New orders were 2.87 billion euros ($4.02 billion U.S.) in the first quarter, compared with 2.9 billion euros ($4.04 billion U.S.) in the same quarter a year ago. That represents a decline of 1% on an actual basis but growth of 4% when adjusted for currency effects.

The company's Imaging and IT unit increased first quarter profit to 357 million euros ($499.8 million U.S.), compared with 262 million euros ($366.8 million U.S.) in the previous quarter.

In its first-quarter report, Siemens noted the U.S. imaging market "remained challenging, with demand limited in tight credit markets and uncertainty regarding future reimbursements." At the same time, Imaging and IT achieved strong growth in revenue and new orders in Asia, Australia, and Japan.

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