Siemens posts weaker-than-expected first-quarter industrial profit

MUNICH (Reuters) – Germany’s Siemens (DE:) on Wednesday reported weaker-than-expected industrial profit during its first quarter as the industrial downturn hit its flagship digital industries business and its wind power unit suffered losses.

Chief Executive Joe Kaeser described a slow start to the year as Siemens’s industrial operating profit fell 30% to 1.43 billion euros ($1.58 billion), missing analyst forecasts for 1.88 billion euros in a consensus gathered by the company.

Revenue rose slightly to 20.32 billion euros, missing estimates for 20.63 billion euros.

The trains to industrial software maker said its industrial operating margin, excluding severance payments, fell to 8.3% from 10.5% a year earlier.

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