Siemens' Q1 Earnings Fall
Siemens saw a decline in net income in its Q1 2013, the company revealed in an earnings release. The bottom line for the quarter was 1.2 billion euros ($1.6 billion), 12% lower on a year-over-year basis. Revenue, however, saw a slight uptick to 18.1 billion euros ($24.1 billion) from Q1 2012's 17.8 billion euros ($23.7 billion).
The company warned that it would fail to meet its targets for the rest of the fiscal year. Company CEO Peter Loscher was quoted in the release as saying that "we don't expect any tailwinds from the global economy to help us reach our ambitious goals."
The article Siemens' Q1 Earnings Fall originally appeared on Fool.com.Fool contributor Eric Volkman and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.