* Siemens due to publish quarterly results on Wednesday
* Paper says Q1 revenues flat at 17.9 billion euros
* Says Q1 orders above revenues
* Says Q1 results hit by ICE delays, solar exit
FRANKFURT, Jan 22 German engineering
conglomerate Siemens is set to report quarterly
earnings that beat expectations, according to a newspaper
The company, due to publish financial results on Wednesday,
made a net profit from continuing operations of about 1.3
billion euros ($1.7 billion) in its fiscal first quarter, little
changed from a year earlier, daily Handelsblatt said on Tuesday,
citing industry sources.
That would be better than analysts' consensus forecast of
1.14 billion euros in a Reuters poll.
Siemens, an industrial bellwether that makes products
ranging from fast trains and gas turbines to hearing aids,
declined to comment on the report.
The Munich-based company has come under pressure to cut
costs and focus on its most profitable businesses to close a gap
with rivals such as ABB and General Electric.
It announced a 6-billion-euro savings programme late last
year, aiming to improve its margin on operating profit from its
four core businesses - Industry, Energy, Healthcare and
Infrastructure & Cities - to at least 12 percent from 9.5
percent in its last financial year.
It is also divesting its solar and water businesses and
plans to spin off lighting unit Osram this year, while adding a
rail business it bought from Invensys as well as
industrial software companies such as Belgium's LMS
Handelsblatt said fiscal first-quarter results were weighed
down by a triple-digit million euro hit related to delays in the
delivery of ICE high-speed trains to German rail operator
Deutsche Bahn. The exit from the solar business also
had a negative impact, it said.
Quarterly revenues remained flat from a year earlier at 17.9
billion euros, a tad below consensus of 18.1 billion euros, the
paper said. New orders, an indicator or future revenues, were
above sales, the paper added.
Siemens has said it expects its order intake to grow
moderately in the financial year ending in September, following
a 10 percent drop last year, while revenues will be lower.