Siemens is gloomy on the outlook for the rest of this year and next, despite seeing operating earnings grow in its fiscal first quarter, the German engineering conglomerate said.
Siemens said its expected a "subdued outlook for 2009 and especially for 2010," according to notes released by the company from a presentation by Chief Financial Officer Joe Kaeser at a Dresdner Kleinwort financial conference in New York.
Siemens said operating profit in the first quarter, which ended December 31, was clearly above the 1.67 billion euros ($2.22 billion) earned in the year earlier quarter, while revenue was about 5 percent above the year-earlier level of 18.4 billion euros.