Siemens q4 2020 earnings

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LONDON — Siemens reported a net income of 1.9 billion euros ($2.24 billion) for its fourth quarter, up by 28% from a year ago.

This increase was boosted by the spin-off of Siemens Energy and other income from discontinued operations.

However, Siemens’ orders and revenues were “strongly impacted” by negative currency translation effects during the same period.

“While shaping the structure of the new Siemens, our industrial and earnings performance in the quarter was up year over year,” said Joe Kaeser, the company’s president and chief executive officer, in a statement.

Speaking to CNBC Thursday, Kaeser said: “The jury is out obviously, the uncertainty with the pandemic is big.”

“I believe there is light at the end of the tunnel the question is how long it’s going to take until we are there.”

This is a breaking news story and it is being updated.

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