ZURICH (Reuters) – Siemens (SIEGn.DE) on Friday said it expected “even stronger impacts” from the coronavirus pandemic in the weeks ahead as it ditched its 2020 guidance and posted an 18% drop in industrial profit during its second quarter.
FILE PHOTO: The logo of German industrial group Siemens is seen in Zurich, Switzerland, January 30, 2019. REUTERS/Arnd Wiegmann
The trains to industrial software maker said it now expected a “moderate decline” in comparable full year revenue. Siemens had previously predicted moderate growth.
Its flagship factory automation unit and smart infrastructure business would be the hardest hit, the company said.
During its second quarter Siemens said all of its operations were affected by the COVID-19 pandemic as shareholders’ net profit fell 64% to 652 million euros. ($706.90 million)
Group orders fell 8% to 15.15 billion euros while adjusted operating profit for its industrial business dropped 18% to 1.59 billion euros.
Revenue was flat at…
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