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[waldron] 11/3/2012 16:49

Osram To Cut More Jobs, Stock Exchange Listing Still Planned-Report
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Today : Sunday 11 March 2012
Osram AG, the fully-owned lighting unit of Siemens AG (SIE.XE), will likely cut many more jobs than announced so far and still plans to seek a stock exchange listing in 2012, the Welt says, citing company sources.

On top of 1,050 jobs to be cut in Germany, a further 3,000 jobs will be axed abroad, the German newspaper says in an article released Sunday ahead of its publication Monday.

In an interview with the Welt, Osram Chief Executive Wolfgang Dehen doesn't confirm, saying it is "too early" to speak about exact numbers. Osram employs 41,000 people worldwide, including around 10,000 in Germany.

Osram is well-prepared for a stock exchange listing, according to the newspaper.

"Ready in a minute--in the shortest possible [time]," Dehen says, adding that the company prepares to go to bourse in 2012.

"The IPO climate is brightening again, everything is now waiting for the ice-breaker," Dehen is quoted by the newspaper as saying.

Newspaper website:

-Frankfurt Bureau, Dow Jones Newswires; 49-69-29725-500.

[waldron] 07/3/2012 14:11

Siemens Enterprise Communications Aims For US IPO In 2012
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Today : Wednesday 7 March 2012
Siemens Enterprise Communications, in which Siemens AG (SI) holds a 49% stake, aims for an initial public offering in the U.S. in the second half of this year if market sentiment doesn't deteriorate markedly, Chief Executive Hamid Akhavan said Wednesday.

He said he expects a minority stake of the company will be sold in the IPO.

Siemens sold a 51% stake in the unit, which offers telecommunications solutions for companies, in 2008 to U.S. Private Equity firm The Gores Group.

Seprately, daily Handelsblatt reported that Siemens Enterprise Communications' revenue amounted to EUR2.15 billion last year and it earned EUR135 million before interest and tax, citing Akhavan. This year, EBIT is forecast to be flat and revenue is seen to increase at least 2%, the CEO told the newspaper in an interview.

Siemens also aims for an IPO of its Osram lighting unit.

-By Philipp Grontzki, Dow Jones Newswires, [phone]; [e-mail]

[grupo guitarlumber] 01/3/2012 10:43

Siemens Consortium Gets EUR120 Million Metal Plant Order From India
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Today : Thursday 1 March 2012
A consortium led by Germany's Siemens AG (SI) received a EUR120 million order from India's National Mineral Development Corp Ltd for a turn-key processing plant, Siemens said Thursday in a press release.

MAIN FACTS:

-The plant will be part of a new steelworks that NMDC plans to build in Nagarnar in the Indian state of Chhattisgarh and is scheduled to begin operation in late 2013.

-The plant will be capable of producing 4.75 million metric tons of sinter, which is processed metal, per year.


-Frankfurt Bureau, Dow Jones Newswires; 49-69-29725-500

[grupo guitarlumber] 26/2/2012 13:09

Société Générale a confirmé sa recommandation d'Achat et son objectif de cours de 85 euros. Le broker, qui a publié son étude avant la conférence de presse du groupe, a regretté des résultats faibles mais souligné la valorisation attractive du groupe compte tenu de ses qualités défensives.

De son côté, CA Cheuvreux a confirmé son opinion Surperformance et son objectif de cours de 90 euros, notant que Siemens a laissé inchangé ses prévisions malgré un premier trimestre décevant

[grupo guitarlumber] 26/2/2012 07:39

Siemens AG (SIE) (SIE GY): Warren Buffett's MidAmerican Energy Co Holdings Co. will buy an additional 407.1 megawatts of turbines from Europe's largest engineering company for three wind farms in Iowa. Siemens fell 0.1 percent to 74.75 euros.

[waldron] 16/2/2012 17:29

Siemens Energy Consortium Gets Order Worth More Than EUR1.1 Billion
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Today : Thursday 16 February 2012
German technology conglomerate Siemens AG (SIE.XE) said Thursday that in a consortium with Italian cable company Prysmian Spa (PRY.MI), its Siemens Energy unit has received an order worth more than EUR1.1 billion to build a submarine DC interconnector in the Irish Sea.

MAIN FACTS:

-Customers are the U.K. grid operator National Grid Electricity Transmission and its Scottish counterpart Scottish Power Transmission.

-The grid connection between Scotland and England is designed as a low-loss high-voltage direct-current, or HVDC, transmission system and will be built by late 2015.

-It will be the first submarine interconnector using a DC voltage level of 600 kilovolts.

-Raising the voltage level in the cable by 20% versus the highest voltage rating used to date also enhances its transmission capacity by one-fifth. Thus, higher power transmission capacity is possible with the same diameter of copper in the cable which reduces the cost of material used.

-Furthermore, the transmission losses in the cable are reduced by one-third. The total power loss in the planned link will be less than 3%.

-The Western HVDC Link project will provide much needed additional power transmission capacity on Britain's transmission system as the U.K. heads toward a low carbon economy, and the link will support the planned expansion of renewables.


-Frankfurt Bureau, Dow Jones Newswires; 49-69-29725-500

[grupo guitarlumber] 11/2/2012 21:41

Siemens HQ in Masdar City chosen for top award

Siemens headquarters in Masdar City.

By ARAB NEWS

Published: Feb 11, 2012 00:33 Updated: Feb 11, 2012 00:33

The new Siemens headquarters for the Middle East region currently being built in Masdar City, designed by Sheppard Robson, has been named winner of the coveted MIPIM Architectural Review Future Projects Awards 2012 in the Offices category.

The prize will be awarded at the international real estate event, MIPIM, on March 7 in Cannes, France.

The jury explained their decision for selecting the Siemens headquarters in Masdar City, one of the integrated units of Masdar, saying: "This is a thorough investigation of the design of large floorplate space in an extreme climate, with a well-explained proposition emerging. The ambition for a LEED Platinum rating means the project will be followed by many designers and clients with great interest."

The new headquarters building is part of a long-term strategic partnership between Masdar, Abu Dhabi's multifaceted renewable energy company, and Siemens to develop and utilize key energy efficient technologies.

The building, commissioned by Masdar, designed with strong oversight by Siemens Real Estate, will meet the highest requirements in terms of architecture, energy efficiency and equipment - potentially resulting in a 45 percent reduction in energy consumption and a 50 percent reduction in water consumption (compared with the international acknowledged ASHRAE standard.)

Masdar is already working on several projects for ensuring energy efficiency in government buildings.

It has expanded its outreach to other government departments in Abu Dhabi to encourage them to adopt green initiatives.

For Siemens in the Middle East, the recognition of this award further underscores the growing importance throughout the region of building new structures with energy efficiency in mind.

"We clearly see that there is a very thoughtful, growing mindset to keep building in an energy efficient way. It is important to receive this recognition and help sustain more efforts like this throughout the region," said Joachim Kundt, CEO of Siemens Lower Gulf region.

[ariane] 10/2/2012 15:39

Siemens, Samsung May Vie for $21 Billion Russian Rail Link
February 10, 2012, 10:19 AM EST
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By Ekaterina Shatalova


(Updates with Finmeccanica comment in seventh paragraph.)

Feb. 10 (Bloomberg) -- Siemens AG and Samsung C&T Corp. are among the European and Asian companies that may vie to build and operate a $21 billion rail link between Moscow and St. Petersburg before the 2018 World Cup soccer tournament.

Alstom SA, Bouygues SA of France, Italy's Finmeccanica SpA and UniCredit SpA and a unit of South Korea's Hyundai have also expressed interest in the high-speed link, said Yelena Shebunina, deputy head of OAO High-Speed Rail Lines, in an interview in Moscow. A Portuguese group led by Brazil's Grupo Andrade Gutierrez SA expressed interest last week, she said.

High-Speed Rail Lines, a unit of state monopoly OAO Russian Railways, plans to name a shortlist of bidders in September or October, followed by more detailed negotiations on the technological, financial and legal aspects of the project before picking a winner, Shebunina said.

"Russia has never built a high-speed link, even though the rest of the world has been building them for the last 60, 70 years," Shebunina said. "The potential candidates have amassed significant experience and this will be considered when the winner is picked."

Russia in its winning World Cup bid pledged to build new links between cities that will host games by the end of 2017. The winner of the Moscow-St. Petersburg contract will own the right to operate the service for 30 years, Shebunina said. That track will span about 660 kilometers (410 miles).

Siemens has already submitted documents to take part in the contest together with local partners, the Moscow-based press service for Europe's largest engineering company said in an e- mailed reply to questions, without elaborating.

Hyundai, Samsung

Hyundai Engineering & Construction Co. said in an e-mailed statement that it's "looking at the high-speed rail project in Russia with much interest," while Samsung said it hasn't decided on entering the bidding process. Finmeccanica also confirmed its interest in the project. Officials for UniCredit and Andrade Gutierrez didn't immediately comment.

High-Speed Rail Lines is still looking at ways to cut the estimated cost of the project from 626 billion rubles ($21 billion) to as little as 512 billion rubles, half of which will be paid for by the government and the other half by the concessionaire, Shebunina said.

"We are holding consultations on how project costs may be optimized," Shebunina said. "The project is to be carried out in the midst of a crisis, so it's important to see how costs can be lowered."

High-Speed Rail Lines is also in talks with domestic banks including VTB Capital, OAO Gazprombank and VEB about helping to fund the link either through loans or by buying bonds linked to the project, Shebunina said.

VTB said in a statement it's following the project "with interest," as did VEB. Gazprombank's press service didn't respond to e-mailed requests for comment.

--With assistance from Joao Lima in Lisbon, Kyunghee Park in Seoul and Elisa Martinuzzi in Milan. Editors: Torrey Clark, Thomas Mulier

To contact the reporter on this story: Ekaterina Shatalova in Moscow at [e-mail]

To contact the editor responsible for this story: Mark Sweetman at [e-mail]

[waldron] 10/2/2012 07:52

Siemens Places $3 Billion Bonds With Warrant Units
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Today : Friday 10 February 2012
German industrial conglomerate Siemens AG (SIE.XE) said late Thursday it has placed bonds with warrant units, with a total volume of $3 billion.

The 5.5-year bond has a 1.05% coupon and the seven-year bond has a 1.65% coupon. The volume of each bond is $1.5 billion.

The bonds are part of a refinancing of two older bonds, Siemens said earlier.

-By Friedrich Geiger, Dow Jones Newswires; [phone]; [e-mail]

[waldron] 06/2/2012 08:58

Siemens Could Open Wind Turbine Plant In France - Report
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Today : Monday 6 February 2012
Germany's Siemens AG (SIE.XE) would open a wind turbine plant in France if the consortium it is part of were to win one of France's offshore windfarm tender offers, the head of its French unit, Christophe de Maistre, told Monday's French business daily Les Echos.

Siemens is part of a consortium led by French power operator GDF Suez SA (GSZ.FR), along with Vinci SA (DG.FR) and CDC Infrastructure, which bid for an offshore windfarm in Britanny, in North West of the country.

Should the consortium win the bid, Siemens would then build a plant nearby to make and install the 83 turbines and another plant dedicated to the windfarm's maintenance.

The initial plant would also be used to make turbines that would be exported to the U.K. and Northern European countries, de Maistre also said.

-By Geraldine Amiel, Dow Jones Newswires; [phone]; [e-mail]

[waldron] 31/1/2012 08:59

Siemens Bids C$382 Million for Ruggedcom, Trumping Belden
QBy Richard Weiss - Jan 30, 2012 5:22 PM GMT+0100 .
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Business ExchangeBuzz up!DiggPrint Email ...Siemens AG (SIE), Europe's largest engineering company, offered C$382 million ($380 million) to buy Ruggedcom Inc. (RCM), entering a bidding contest for the Canadian network company with Belden Inc. (BDC)

Siemens agreed to pay C$33 for each share of the Woodbridge, Ontario-based maker of communications equipment used in industrial processes, the Munich-based company said in a statement today. That's more than twice as much as Ruggedcom's closing share price on Dec. 16, the last day of trading before St. Louis, Missouri-based Belden offered C$22 on Dec. 19.

The German manufacturer aims to duplicate the success of its $3.5 billion acquisition of UGS Corp. in 2007, which helped it gain an edge in industrial software. Chief Executive Officer Peter Loescher is relying on Helmuth Ludwig, head of Siemens's North American industrial operations, to make the transaction work after the company booked goodwill impairments on purchases Loescher has made since becoming CEO that year.

"UGS was a success, it went well, now we are trying to do it again," Ludwig, who was involved in the Plano, Texas-based software maker's takeover, said in a telephone interview. Ludwig said he's confident Ruggedcom will meet goals for return on capital employed. Even so, achieving the company's rules for a takeover target's enterprise value will require "hard work" and may take as many as three years.

Ruggedcom Jumps
Ruggedcom rose as much as 26 percent to C$33, the biggest intraday jump since Dec. 19, and was trading at C$32.86 at 11:16 a.m. in Toronto. Siemens fell as much as 1.1 percent to 72.02 euros and was down 0.9 percent in Frankfurt. The German company' stock is at the lowest price in about six weeks.

Siemens usually requires an acquisition to add enterprise value two years after completion, and to meet return-on-capital- employed goals three years after integration.

The manufacturer has a goal of becoming a company with 100 billion euros ($131 billion) in sales through acquisitions. Sales in the fiscal year ended Sept. 30 totaled 73.5 billion euros.

ABB Ltd., a Zurich-based competitor which today agreed to buy Thomas & Betts Corp. for $3.9 billion, has exceeded $10 billion in acquisition spending since 2010.

Siemens's offer Ruggedcom's board of directors as well as Chief Executive Officer Marzio Pozzuoli and Finance Chief Roy Dalton, who together hold 13.6 percent of the shares, the Canadian manufacturer said.

Belden's approach was unsolicited. Ruggedcom said on Dec. 19 it was evaluating Belden's proposal and that it's considering alternatives.

"We have a deal book, and Ruggedcom was on it, allowing us to act fast after the necessity came up," Ludwig said.

Ruggedcom has 360 employees and reported revenue of about $94 million in the fiscal year ended March 31, 2011.

To contact the reporter on this story: Richard Weiss in Frankfurt at [e-mail]

To contact the editor responsible for this story: Benedikt Kammel at [e-mail]

[waldron] 30/1/2012 14:06

Deutsche Bahn, Siemens In Compensation Talks On Late Train Delivery
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Today : Monday 30 January 2012
Deutsche Bahn AG is negotiating with industrial conglomerate Siemens AG (SIE.XE) over compensation for the delay in the delivery of 16 ICE latest- generation trains, a spokesman for the German railway operator confirmed Monday.

He said compensation could be offered in the form of a 17th train, though no specific agreement has been reached.

Siemens was unable to deliver on time the high-speed ICE-3 trains which Deutsche Bahn had ordered and has already paid for. The railway operator will now receive the trains towards the end of 2012 instead of the original scheduled delivery at the end of 2011.

Domestic newspaper Bild reported Sunday that Deutsche Bahn was negotiating with Siemens over compensation in the form of a free additional train.

According to the newspaper report, Siemens Chief Executive Peter Loescher and Deutsche Bahn CEO Ruediger Grube had already agreed on the delivery of an ICE train with a value of around EUR30 million free of charge. Alternatively, Deutsche Bahn might expect a monetary compensation, the report said.

-By Frankfurt Bureau; Dow Jones Newswires; [phone]

[waldron] 30/1/2012 12:14

Siemens Wins First Wind Power Order In Africa
Published January 30, 2012
Dow Jones Newswires

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FRANKFURT – German industrial conglomerate Siemens (SI) won a contract to supply 44 wind turbines in Morocco, its first order in Africa's wind power market, the company said Monday.

MAIN FACTS:

-Siemens will supply its customer Nareva Holding with wind turbines for two wind power plants, with a combined capacity of 100 megawatt.

-The two wind farms, Haouma and Foum El Qued, in the north and southeast of the country are scheduled to begin operation in 2013.

- Siemens is responsible for the supply, installation and commissioning of the wind turbines.

- The Moroccan government aims to increase the share of renewable energy in its power supply to 20% by 2020.



Read more:

[waldron] 25/1/2012 18:49

press release

Jan. 25, 2012, 8:00 a.m. EST

Siemens Announces Plans to Hire 300 Veterans in 2012
Company expands commitment to White House Joining Forces initiative

WASHINGTON, Jan. 25, 2012 /PRNewswire via COMTEX/ -- Siemens today announced that the company will increase its pledge to the Joining Forces initiative by committing to hiring another 300 veterans in 2012. The announcement was made by Judy Marks, CEO of Siemens Government Technologies, at the Siemens Government Technologies Symposium. Secretary of Veterans Affairs Eric K. Shinseki and Mrs. Patty Shinseki also spoke at the event.




"Siemens is in the enviable position of being at the forefront of job growth in this country and we have our choice of the best talent out there," said Mike Panigel, Senior Vice President of Human Resources for Siemens Corporation. "We are extremely proud of our work with Joining Forces and this additional commitment reflects the fact that the technical training and advanced skills sets that veterans bring to the workforce are a perfect match for Siemens. Having these brave and talented men and women join our team will make our company stronger for years to come."

"Veterans make great leaders and great employees," said Eric K. Shinseki, Secretary of the US Department of Veterans Affairs. "So congratulations to Siemens for more than doubling your pledge to hire veterans, and military family members this past year. And thank you for your commitment today to hire an additional 300 veterans in the coming months."

In April 2011, Siemens participated in the launch of Joining Forces, a White House initiative to support and honor America's service members and their families, and pledged to reserve 10 percent of its 3,000 open positions for veterans. Siemens exceeded this goal in three months and due to the successful integration of these employees into the Siemens workforce increased its commitment by an additional 50 percent. The company ultimately hired over 630 veterans in 2011.

Veterans at Siemens, including both enlisted and Junior Military Officers (JMO), are hired for positions in the Energy, Infrastructure and Cities, Industry and Healthcare sectors in job categories ranging from Field Engineers to Service Technicians to Sales and Marketing roles with highly competitive salaries. Siemens recently hired 30 veterans with skills in aviation and mechanics to serve as wind service technicians at wind farms in Texas. At a new distribution center opening in Oklahoma, more than 50 percent of hires are military veterans with skills in logistics and materials handling. Siemens Energy in Orlando has hired veterans for their Sales and Marketing Development Program, investing more than $200,000 per veteran for the 14-month training program.

To help make the transition from military life to civilian careers easier, Siemens provides extensive job training and has mobilized the Siemens Veterans Network, the first national employee resource group at Siemens. With more than 400 members, the group supports veterans through a program with American Corporate Partners, community outreach events and other organizations. Siemens also hosts online discussions managed by veterans within the company to provide information and support for new veteran hires.

There are additional job openings available within the company's Energy, Industry, Healthcare and Infrastructure and Cities sectors in divisions such as Renewable Energy, Building Technologies, Building Automation and the Customers Solutions Group. Job categories range from Engineering and Field Service, to Manufacturing and Operation and also Sales and Customer Support.

For those interested in applying, all open positions in the U.S. can be found at www.usa.siemens.com/careers .

Siemens Corporation is a U.S. subsidiary of Siemens AG /quotes/zigman/279102/quotes/nls/si SI +0.23% , a global powerhouse in electronics and electrical engineering, operating in the industry, energy, healthcare, infrastructure and cities sectors. For more than 160 years, Siemens has built a reputation for leading-edge innovation and the quality of its products, services and solutions. Siemens in the USA reported revenue of around $20 billion and employs approximately 60,000 people throughout all 50 states and Puerto Rico. For more information on Siemens in the United States, visit www.usa.siemens.com .

SOURCE Siemens Corporation

[waldron] 25/1/2012 18:25

(CercleFinance.com) - Lanterne rouge à Francfort, Siemens (BSE: SIEMENS.BO - actualité) chute de 5,3% à 73,3 euros, au lendemain des résultats du conglomérat allemand. En réaction, HSBC (London: HSBA.L - actualité) a dégradé sa recommandation de 'surpondérer' à 'neutre' et son objectif de cours de 82 à 80 euros.

[waldron] 25/1/2012 09:50

Dividend Declared Date 18/11/2011
Dividend Ex-Date 25/01/2012
Dividend Record Date 27/01/2012
Dividend Pay Date 01/02/2012

[waldron] 24/1/2012 16:46

MODERATE GROWTH 2012

[waldron] 24/1/2012 16:20

January 24, 2012, 1:05 PM GMT.Analysts Bleak on Siemens's Outlook.Search The Source1 .Article Comments The Source HOME PAGE ».EmailPrintTwitter
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close StumbleUponMySpacedel.icio.usRedditLinkedInFarkViadeoOrkut Text By Neetha Mahadevan
Siemens has its work cut out to combat the effects of the European debt crisis. Profits slumped in the first quarter and the company warned that sales for fiscal 2012 will likely come in at the lower end of forecasts.

A dash round leading analysts covering the company reveals uncertainty as to whether the industrial conglomerate can meet its profit target for 2012.

We kick off with Credit Suisse, which highlights Renewables, Drive Technologies and Transmission as the main areas for concern.

CREDIT SUISSE: Siemens is sticking with guidance for an operating profit of €6 billion for the year, but this has become increasingly challenging. The weak quarterly results have put shares under pressure and may lead to consensus downgrades of about 3%. Among its businesses, Industry Automation held up well with order growth of 13% despite cautious management comments earlier in the month, CS noted. The main areas of disappointment were Renewables, Drive Technologies, Transmission and to a lesser extent Power Grid Solutions and Products and Building Technologies. The brokerage has an outperform rating with an €79 target price.
LBBW has many of the same concerns and raises the question as to whether Siemens's profit targets are realistic.

LBBW: Siemens's first-quarter results have been affected by weak margins in certain divisions, so that the key operating profit figure, "total sector profit," is significantly below LBBW's expectations. Incoming orders at gas power plants were under a lot of pressure, and renewables swung to a loss. The EBIT margin in the Diagnostics unit also disappointed, the bank added. Overall exceptional costs, however, were less than what LBBW thought they would be. While Siemens confirmed its fiscal 2012 operating profit target of €6 billion, LBBW said first-quarter results give reason for doubt if this target is still realistic. It maintained hold rating with a target price of €75.
Analysts at JP Morgan, meanwhile, worry that Siemens has greater exposure than its peers to developed markets and governments.

JPMORGAN: According to JP Morgan, there is no specific catalyst for Siemens in the near term. Siemens has higher exposure to developed markets and governments than peers, the brokerage said, adding that first-quarter orders were decent, but underlying profits fell short of expectations. The brokerage also noted risk of further modest consensus downgrades. "Given its index weight and investors' desire to play specific investment themes, the absence of a strong investment case, other than valuation, made it difficult to maintain our earlier overweight rating, after the 2011 catalysts have come and gone," it said. JPMorgan maintained its neutral rating of December with a EUR90 target.
Silvia Quandt takes a contrarian view, saying Siemens's "early cyclical business result it encouraging".

SILVIA QUANDT: Additional charges at Siemens's mobility division and a weak result in Renewables in first-quarter are disappointing. However, the early cyclical business result is encouraging, the brokerage said, adding it expects Siemens to meet its full-year €6 billion net income target, even though it has become more demanding due to cost overruns at offshore wind grid connection projects. Quandt noted Siemens is sticking to its target to distribute surplus cash to investors which could result in an extra dividend end-2012. It maintained a buy rating and €102 target.
Analysts at SocGen are harder to convince:

SOCIETE GENERALE: Overall, the only good news from Siemens is group order intake, which is down just 5%, SocGen said. "After a difficult environment also in 2Q, Siemens expects a recovery in 2H, which we consider unlikely at this stage given the macro uncertainties," SocGen added. Its recommendation is buy with €85 target.
We'll conclude with WestLB which seems to sum up the consensus view that Siemens has got off to a poor start to the year and may well have to revise down its profit forecasts for the full year.

WESTLB: Siemens's first-quarter results showed a weak start to the year, with underlying margins missing market expectations. "This does not bode well for second-quarter estimates and the management needs to give reassurance that profitability can increase again in the second-half," the brokerage said. Osram made a stronger than expected contribution to net income, WestLB noted. However, the brokerage is convinced Siemens will have to adjust its seemingly ambitious guidance. WestLB also expects significant charges at Nokia Siemens Network and Healthcare to affect the bottom-line in the second-quarter. It reiterates neutral rating.

[waldron] 24/1/2012 13:49

Société Générale a confirmé sa recommandation d'Achat et son objectif de cours de 85 euros. Le broker, qui a publié son étude avant la conférence de presse du groupe, a regretté des résultats faibles mais souligné la valorisation attractive du groupe compte tenu de ses qualités défensives.

[maywillow] 24/1/2012 10:08

Siemens Drops After Profit Misses Estimates: Frankfurt Mover
QBy Richard Weiss - Jan 24, 2012 10:20 AM GMT+0100 .
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Business ExchangeBuzz up!DiggPrint Email ...Siemens AG (SIE) (SIE) declined by the most in almost three months in Frankfurt trading after Germany's largest engineering company reported fiscal first-quarter earnings that missed analysts' estimates and cautioned that its profit targets for the full year have become more challenging to reach.

Siemens, based in Munich, fell as much as 3.15 euros, or 4 percent, to 75.25 euros in Frankfurt, the biggest drop since Nov. 1, and traded at 75.9 euros as of 9:15 a.m. The company has the second-biggest weighting on Germany's benchmark DAX 30 index, which fell as much as 1 percent.

Siemens booked 203 million euros ($265 million) in charges at its power transmission division amid delays in connecting five offshore wind parks to the power grid, causing the unit to post a loss. Siemens also had a loss at its renewable energy division.

"There is some frustration in wind power," Chief Financial Officer Joe Kaeser said on a conference call. "It runs through the whole company, it's seen in renewable energy, in power transmission, and in drives technology."

Shares of ABB Ltd. (ABBN) fell as much as 0.61 Swiss francs, or 3.1 percent, to 19.24 francs in Zurich on the back of Siemens's results, making them the worst performer in Switzerland's benchmark SMI index. ABB is the world's largest maker of power- transmission gear and one of Siemens' closest competitors.

Siemens is betting on better business in the second half to reach its goals for the fiscal year ending Sept. 30, which call for "moderate organic sales growth" and net income from continuing operations of about 6 billion euros.

To contact the reporter on this story: Richard Weiss in Frankfurt at [e-mail]

To contact the editor responsible for this story: Benedikt Kammel at [e-mail]