Siemens Healthcare's Q1 profits jump 38%

January 23, 2013 by MassDevice staff

Profits for Siemens Healthcare jumped 38% to some $670 million during its fiscal 1st quarter.


Siemens Healthcare (NYSE:SI) was the most profitable segment for the German industrial titan during its fiscal 4th quarter, posting a 38% profit surge on a 3.2% sales increase.

Siemens Healthcare reported profits of €503 million (about $670 million) on sales of €3.25 billion ($4.33 billion) for the 3 months ended Dec. 31, 2012. That compares with profits of €364 million ($485 million) on sales of €3.15 billion ($4.20 billion) during Q1 2012.

Siemens overall posted profits of €1.21 billion ($1.62 billion), or €1.42 ($1.89) per share, on sales of €18.13 billion ($24.15 billion) for the quarter, down 12.2% and up 2%, respectively, compared with the same period last year.

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"In an uncertain economic environment, we got off to a solid start in fiscal 2013. For the rest of the year as well, we don't expect any tailwinds from the global economy to help us reach our ambitious goals. Our full attention is on implementing our Siemens 2014 program," president & CEO Peter Löscher said in prepared remarks.

Siemens attributed the lower profits to €81 million ($108 million) in losses from discontinued operations and pre-tax impairment charges of €115 million ($153 million).

But Siemens Healthcare thrived on strong contributions from its imaging and therapy systems business