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发帖数: 15912 | 1 http://www.bloomberg.com/news/articles/2015-05-07/siemens-cuts-
Siemens AG, Europe’s largest engineering company, will cut another 4,500
jobs after second-quarter profit fell more than analysts estimated, burdened
by the declining oil price.
Profit from so-called industrial operations fell 4.9 percent to 1.66 billion
euros ($1.9 billion), the Munich-based company said in a statement. That
missed the 1.71 billion-euro average estimate of analysts surveyed by
Bloomberg.
Chief Executive Officer Joe Kaeser, who is focusing Munich-based Siemens on
energy generation and distribution, needs to cut costs as he faces mounting
investor pressure after his decision to spend $7.6 billion acquiring oil and
gas equipment specialist Dresser-Rand Inc. The latest round of job cuts
brings the total announced since December to 13,100 -- representing about 4
percent of the workforce -- as Kaeser seeks to achieve 1 billion euros in
annual savings by next year.
Since the dollar-denominated Dresser-Rand deal was agreed in September, the
euro has tumbled 12 percent against the dollar and oil has fallen 29 percent
, placing the rationale of the takeover in question. Dresser-Rand said Feb.
28 it would cut 8 percent of its workforce. The deal is awaiting regulatory
approval from the European Commission.
The shares fell as much as 2.2 percent and were trading 2 percent lower at
94.87 euros as of 9:04 a.m. in Frankfurt. That pares the gains this year to
1.2 percent, valuing Siemens at 84 billion euros.
‘Persistently Difficult’
“On balance, the results are ’good enough’ in a quarter that was already
flagged to be potentially difficult,” Morgan Stanley analyst Ben Uglow
wrote in a note to clients.
The company said it’s facing a “persistently difficult environment in the
global power-generation market,” meaning its power-and-gas division is hit
by “regulatory changes, massive price erosion, aggressive competitors and
regional overcapacities.”
Kaeser has to balance investor expectations and pressure from German labor
representatives, who sit on Siemens’s supervisory board. Still, he said the
company’s revamp is now almost completed with the latest job cuts.
“With the initiation of these measures, the company’s structural
reorganization has been completed for the most part,” Kaeser said in the
statement.
Of the job cuts announced today, 2,200 will come in Germany, adding to 2,900
positions already affected in its home market. Siemens said today it has
units with sales totalling 15 billion euros it deems “underperforming”,
with a combined loss representing about 3 percent of that revenue last year.
They include businesses making electrical-transmission equipment and
mechanical drives.
Revenue increased 8.1 percent to 18 billion euros in the second quarter.
Siemens reaffirmed today it expects earnings per share to increase by at
least 15 percent from 2014’s 6.37 euros, and a profit margin of between 10
percent and 11 percent at the industrial business. |
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