Siemens fourth-quarter profit slumps 46 percent on restructuring charges

  • German engineering group Siemens has posted a 46 percent fall in net profits in the fourth quarter, the company reported Thursday.
  • Net profit fell to 681 million euros ($778.6 million) but came in above estimates of 595 million euros from analysts polled by Reuters.
  • Revenues in the fourth quarter came in at 22.6 billion.
A worker rotates a gas turbine during assembly at the Siemens gas turbine factory on January 8, 2010 in Berlin, Germany.
Sean Gallup | Getty Images
A worker rotates a gas turbine during assembly at the Siemens gas turbine factory on January 8, 2010 in Berlin, Germany.

German engineering group Siemens posted a 46 percent fall in net profits in the fourth quarter, the company reported Thursday.

The group's net profit fell to 681 million euros ($778.6 million) but came in above estimates of 595 million euros from analysts polled by Reuters. Revenues in the fourth quarter came in at 22.6 billion euros.

The company, which makes turbines and transportation technology, said net income fell mainly due to a higher income tax expense from its mobility unit carve out and restructuring charges.

The company said it wanted to raise its dividend to 3.80 euros from 3.70 euros and announced a 3 billion euro share buyback.