Germany's Siemens (SIE.DE) expects to make some headway in
its struggle to catch up with more profitable rivals this year, as new Chief
Executive Joe Kaeser makes his mark at the engineering group and cost cuts
start to bear fruit.
Siemens, Germany's second-biggest company by market value,
said on Thursday it expected fiscal 2014 earnings per share to rise by at least
15 percent from last year's 5.08 euros, more than double the 7.2 percent growth
rate of fiscal 2013, while organic sales remain flat in challenging markets.
The company has fallen behind rivals such as Switzerland's
ABB (ABBN.VX) and U.S.-based General Electric (GE) in terms of profitability in
recent years, due to a focus on sales growth as well as poor project management
that resulted in a series of one-off charges. Read more.
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