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Siemens Q2 FY 2014: Mixed Performance, Outlook Confirmed

Siemens second-quarter revenue was 2% lower year-over-year. On an organic basis, excluding currency translation and portfolio effects, revenue rose 1%.

Orders declined 13% compared to the prior-year period which included a substantially higher volume from large orders. On an organic basis, orders were 10% lower year-over-year. The book-to-bill ratio was 1.06 for the quarter, and Siemens’ order backlog reached a new high at €103 billion.

Infrastructure & Cities delivered another strong year-over-year profit improvement in the second quarter. Profit rose to €325 million, with all Businesses contributing to the increase. For comparison, profit of €6 million in the prior-year period included project charges of €161 million related to high-speed trains in the Transportation & Logistics Business.

With improved project execution and higher revenue, this Business generated a profit of €126 million in the current quarter. Sector profit development also included a more favorable business mix and productivity improvements from executing the “Siemens 2014” program, particularly at Power Grid Solutions & Products and Building Technologies.

Revenue for Infrastructure & Cities rose 9% year-over-year. The increase was due to the Transportation & Logistics Business, including execution of large rolling-stock projects and the acquisition of Invensys Rail between the periods under review.

Orders for the Sector came in 11% lower compared to the prior-year period, which included a substantially higher volume from major rail orders in Europe/CAME.

More information is available at this link http://www.siemens.com/press/pool/de/events/2014/corporate/2014-q2/2014-q2-earnings-release-e.pdf

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