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  HOME | Business & Economy (Click here for more)

Siemens Rewards Shareholders as Charges Weigh Down Q4 Earnings

BERLIN – Siemens said on Thursday that it will raise its dividend and launch a share buyback, even as charges from the restructuring of its power-and-gas business and the carve out of its train-making unit dragged down fourth-quarter earnings.

The German conglomerate said net profit fell to €681 million ($780.2 million) from €1.28 billion a year earlier. Revenue edged up to €22.61 billion from €22.30 billion.

Analysts had expected net profit of €737 million on revenue of €22.91 billion, according to a FactSet-compiled consensus.

Munich-based Siemens said it will raise its dividend by €0.10 to €3.80 a share and launch a €3-billion buyback program that will run until November 2021.

The group’s industrial businesses booked €482 million in severance charges, the bulk of which were concentrated in the power-and-gas division, which swung to a loss this quarter.

Group earnings were also hit by charges relating to the carve out of Siemens Mobility ahead of the planned merger with Alstom.

However, the majority of industrial divisions posted higher quarterly earnings, leaving overall industrial profit largely flat at €2.15 billion.

Siemens issued new guidance for its 2019 fiscal year and now expects a moderate growth in revenue, excluding currency swings and portfolio shifts.

Basic earnings per share should be in the range of €6.30 to €7.00, while the industrial business margin should be between 11%-12%, the company said.

 

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