Solid Start to Fiscal 2018 for Siemens Despite Weak Demand for Large Gas Turbines
Siemens delivered mixed results in the first quarter as the industrial business saw profit decrease 8% year on year (after correction for a EUR 172 million eCar gain in first-quarter fiscal 2017), as strong execution on large mobility contract wins was more than offset by ongoing price pressure in power and gas, or P&G, and renewable energy. The firm reported revenue 3% higher year on year, but sales increased only 1% on a comparable basis in the first quarter. Although we anticipate a conti...
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