Siemens AG, Europe’s largest engineering company, cut its full-year forecast after quarterly earnings missed analyst estimates amid charges for failed wind energy transmission projects and the delayed delivery of trains.
Siemens AG dropped to the lowest in almost seven weeks after Chief Financial Officer Joe Kaeser said underperforming rail technology and offshore wind projects will result in additional charges and dent quarterly earnings.
Siemens AG’s underperforming rail technology and offshore wind projects will result in additional charges that will dent earnings in the second quarter, according to Chief Financial Officer Joe Kaeser.
Siemens AG Chief Financial Officer Joe Kaeser indicated it will be more difficult to meet financial targets set for 2012 as demand tapers off at some industrial automation units and Chinese growth fails to pick up.
Siemens AG, which is planning an initial public offering of lighting unit Osram, will consider distributing proceeds from the share sale to investors as it shies away from pricey acquisitions, Chief Financial Officer Joe Kaeser said in an interview.
Siemens AG , Europe’s largest engineering company, anticipated growth will slow in the second half and said earnings in the quarter that just ended were burdened by a “disappointing” renewable energy division.