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Siemens third-quarter core profit misses expectations
July 31, 2013 / 10:35 AM / 4 years ago

Siemens third-quarter core profit misses expectations

Newly elected Siemens CEO Joe Kaeser gestures during a news conference in Germany's Siemens AG headquarter in Munich July 31, 2013. REUTERS/Michaela Rehle

FRANKFURT (Reuters) - German engineering group Siemens (SIEGn.DE) reported a drop in core operating profit as it announced a change in its top management.

Siemens said on Wednesday Total Sectors profit - operating profit for its four main businesses - dropped by 31 percent to 1.26 billion euros ($16.7 billion). That compares with consensus for 1.41 billion euros in a Reuters poll.

The news comes as Siemens named finance chief Joe Kaeser as its new boss after dumping Chief Executive Peter Loescher four years before the end of his contract following a second profit warning this year.

Reporting by Maria Sheahan

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