26 jul: FLSmidth: Finsk konkurrent oplever stor fremgang i minedivision
26 jul: Aktier/middag: FLSmidth trodser svag markedsnedtur
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

Order free Annual Report for Siemens AG

Visit http://djnweurope.ar.wilink.com/?ticker=DE0007236101 or call +44 (0)208 391 6028

Order free Annual Report for BASF SE

Visit http://djnweurope.ar.wilink.com/?ticker=DE000BASF111 or call +44 (0)208 391 6028

Order free Annual Report for BASF SE

Visit http://djnweurope.ar.wilink.com/?ticker=US0552625057 or call +44 (0)208 391 6028

Order free Annual Report for Siemens AG

Visit http://djnweurope.ar.wilink.com/?ticker=US8261975010 or call +44 (0)208 391 6028

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

(END) Dow Jones Newswires

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

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

Opret kommentar

Relateret debat

  • 1 uge
  • 1 måned
  • 1 År
Ingen indlæg


Coloplast: Insider udnytter optioner og scorer 40 mio. kr.

27-11-2015 16:07:13
Bestyrelsesmedlem Lars Rasmussen i Coloplast har udnyttet optioner og købt 100.000 aktier for samlet 16,2 mio. kr. I samme omgang har han solgt aktierne til 56,..

TDC/Sydbank: Både fornuftig og farlig leg at hæve priser - NY

27-11-2015 13:30:59
Da TDC i oktober hævede priserne på mobiltelefoni, fulgte alle konkurrenterne trop, og derfor giver det god mening at forsøge en gang til, da teleselskaberne på..

Vestas/Kepler: Indleder dækning med "køb" - NY

27-11-2015 11:34:09
Finanshuset Kepler Cheuvreux indleder dækning af Vestas-aktien med anbefalingen "køb" og et kursmål på 500 kr.Det franske finanshus har haft hele vindmøllesekto..

Mest læste nyheder

  • 24 timer
  • 48 timer
  • 1 uge

Relaterede aktiekurser

ABB Ltd N 19,30 -0,1% Fald i aktiekurs
ABB Ltd 18,68 -0,4% Fald i aktiekurs
ABB Ltd 163,60 -0,6% Fald i aktiekurs
Basf SE Basf SE REG SHS 77,88 -0,9% Fald i aktiekurs
Siemens 96,74 -0,3% Fald i aktiekurs
Siemens AG 106,40 1,3% Stigning i aktiekurs
Basf N 86,00 0,0% Aktiekurs uændret

Køb- og salgsanbefalinger

  • Trend
  • Pengemaskinen

Copyright Euroinvestor A/S 2015  Disclaimer Privatlivspolitik
Aktieinformation leveres af Interactive Data.
Data er forsinket 15-20 minutter iht. de enkelte børsers regler om videredistribution.
29. november 2015 06:10:34
(UTC+01:00) Brussels, Copenhagen, Madrid, Paris
Version: LiveBranchBuild_20151126.1 - EUROWEB3 - 2015-11-29 06:10:34 - 2015-11-29 06:10:34 - 1 - Website: OKAY

Når du besøger Euroinvestor.dk accepterer du, at der anvendes cookies, som vi og vores samarbejdspartnere benytter til funktionalitet, statistik og markedsføring. Læs mere om cookies på Euroinvestor.dk her