FRANKFURT, Germany (AP) — Industrial equipment maker Siemens saw profit rise in the first three months of the year as the company booked a one-time gain related to pensions while profits from its factory digitalization business helped offset sagging results from fossil fuel power generation.
Net profit rose 39 percent to 2.02 billion euros ($2.39 billion) from 1.45 billion euros in the year-earlier quarter, the company’s fiscal second.
Revenue was flat at 20.1 billion euros after exchange rate shifts took 6 percent off. Orders slipped 2 percent to 22.3 billion euros.
Profit slumped 74 percent at the power and gas division, but jumped 40 percent at the digital factory division. The company booked a one-time gain of 900 million euros by transferring shares in IT firm Etos SE to its pension fund.