Joe Kaeser News
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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.
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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.
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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.
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European stocks retreated, following their biggest weekly gain in a month, as China’s economy grew at a slower pace than estimated and a gauge of manufacturing in the New York area missed forecasts.
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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.
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Siemens AG , Europe’s largest engineering company, said business in April met management targets and efforts to curtail government spending in Europe won’t jeopardize its prospects.
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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.
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Siemens AG, Europe’s largest engineering company, forecast stagnant profit for next year as sales growth moderates and the global economy cools.
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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.
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Siemens AG won’t be able to list shares of its underperforming Osram lighting unit in April as some shareholders filed a motion against the legal registration of the spinoff.
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