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Siemens earnings up in latest quarter

Industrial conglomerate Siemens AG saw earnings increase by 70 per cent in the April-June period as revenue climbed 10 per cent, but the company pointed to a difficult market environment and said reaching its full-year outlook has become “clearly more ambitious.”

 On Thursday, Siemens reported net earnings of €823 million ($996 million) for its fiscal third quarter – up from €462 million a year earlier.

The Munich-based company said revenues rose to €19.54 billion from €17.84 billion. But new orders declined 23 per cent to €17.77 billion from €22.94 billion – depressed by a lower number of large-scale orders like one from Germany’s national railway last year.

Siemens said its full-year target of €5.2 to €5.4 billion in income from continuing operations – set in April – looks more ambitious.