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Siemens AG, Europe's largest engineering company, reported fiscal first-quarter earnings that beat analyst estimates as profitability at the infrastructure unit more than doubled.
Income from continuing operations jumped 21 per cent to euro 1.39 billion ($1.9 billion) in the three months through December, the Munich-based company said in a statement on Tuesday. The average estimate of analysts surveyed by Bloomberg was euro 1.33 billion. The company also said on Tuesday it will end its listing on the New York Stock Exchange to cut costs and reduce the complexity of its financial reporting.
Former finance chief Joe Kaeser became chief executive officer in August after predecessor Peter Loescher said the company wouldn't meet a goal for 2014 profit representing 12 per cent of sales, which was underpinned by a plan to shave euro 6.3 billion from costs by the end of the fiscal year. To match the profitability of ABB Ltd.and General Electric Co, he is trying to reduce charges for mismanaged projects.
