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26-07-2012 11:57:00

UPDATE: Siemens Warns On Guidance; Shelves Osram IPO Plans

Relateret indhold

-Siemens shelves IPO plans for Osram, to spin off unit to shareholders instead

-Says difficult to reach EUR5.2 billion to EUR5.4 billion profit target due to economic challenges

-Warns demand from China won't pick up till 2013

(Adds details)

By Friedrich Geiger and Harriet Torry

MUNICH--German industrial conglomerate Siemens AG (SI) Thursday shelved plans to float its Osram lighting unit on the stock market and warned its full-year profit target is becoming more difficult to reach as third-quarter order intake fell sharply.

The company has been targeting profit of EUR5.2 billion to EUR5.4 billion for the year.

"We see growing reluctance among our customers regarding capital expenditures and stronger economic headwinds," said Chief Executive Peter Loescher.

The company's net profit, at 823 million euros ($996 million), was sharply below analysts' EUR1.32 billion consensus estimates due to an EUR351 million accounting charge related to a change in status of its lighting unit Osram which had been earmarked for an initial public offering.

Siemens warned demand from China is slowing and said it doesn't expect any recovery until next year. The company's focus now is on increasing productivity and efficiency as customers become more reluctant to spend. It said it will provide more details when it releases fourth-quarter results.

Siemens' guidance stands in contrast to that of industrial group ABB Ltd. (ABBN.VX), which on Thursday said it's more confident of its short-term outlook, and sees some signs of recovery in its China business.

"The macroeconomic view remains uncertain, but the positive developments we've seen in China, the continued strength of the U.S. market and our resilience in Europe make us more confident about the short-term outlook than we were three months ago,"said ABB Chief Executive Joe Hogan.

Developments are uneven, however, with another German heavyweight, chemicals group BASF SE (BAS.XE), Thursday noting slowing growth in China in the past quarter. BASF said it can't estimate when business in Asia will pick up again.

Siemens CEO Mr. Loescher said market conditions continue to be too volatile for an IPO of its Osram lighting unit, and it will now most likely spin off Osram to shareholders. Siemens aims to keep a minority stake in Osram, and the move will require shareholder approval at the next annual general meeting in January.

Analysts at Silvia Quandt Research said they expects Siemens to experience difficult quarters ahead, as the business climate seems to be deteriorating more than expected.

At 0916 GMT, Siemens shares traded down 4% at EUR64.61, while Germany's DAX index traded down 1.1%.

-Write to Friedrich Geiger at friedrich.geiger@dowjones.com

Harriet Torry also contributed to this article

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(END) Dow Jones Newswires

July 26, 2012 05:57 ET (09:57 GMT)

Copyright (c) 2012 Dow Jones & Company, Inc.

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