Siemens net profit flat after restructuring charges

Siemens net profit flat

FRANKFURT, Germany (AP) - Germany's Siemens AG (NYSE: SI) says net profit fell slightly in the most recent quarter as better earnings from sales of medical equipment were offset by slower business at its power and gas division.

Profits for the April-June quarter were also hurt by 274 million euros ($301 million) in severance charges as the maker of gas turbines, trains and other heavy equipment streamlined to cut costs.

Net profit eased 2 percent to 1.376 billion euros, down from 1.399 billion euros in the same quarter a year ago. Revenue rose 8 percent to 18.844 billion euros, boosted by exchange rate shifts that magnified earnings in other currencies when translated to euros.

Currency tail winds helped profit at Siemens medical business, which rose to 549 million euros from 445 million euros.

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