Good Sales in Siemens' 3Q, but Profitability Below Expectations Due to Power and Gas Price Pressure
Siemens delivered mixed third-quarter results. The industrial business' profit margin decreased 40 basis points year on year as strong improvements in digital factory, building technology, and healthcare were more than offset by declines in power and gas, energy management, and renewable energy. Profit development in the quarter was slightly below our expectations, especially for the P&G division, which failed to continue its strong performance in the first six months due to lower production...
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