Siemens AG today reported that its net profit fell $1.6 billion in its fiscal first-quarter as its solar suffered sharp losses and orders slowed.
Siemens intends to spin off its under-performing units and last October said it would shed its solar business. Shareholders will also vote today whether or not to spin off its Osram lighting unit.
The results were released hours before Chief Executive Peter Loescher is due to face questions from shareholders about the German company’s disappointing operating performance at its annual meeting in Munich, the Wall Street Journal reported.
The solar business’s loss of €150 million weighed on Siemens’ earnings.
Revenue, which excluded the loss from the discontinued solar business, rose 1.5% to €18.13 billion and operating profit gained 4.4%.
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