Siemens profits soar more than 50% in Q3

Siemens' third-quarter net profit more than doubled to 792 million euros ($996.9 million), as the engineering and electronics company's results were no longer dragged down by its money-losing mobile phone business, an Associated Press report said.
Munich-based Siemens said net profit for the three months to June 30 was up from 389 million euros ($493 million) in the same period a year earlier, when it was dragged down by a 236-million-euro ($299.3-million) loss at the mobile phone unit, which had since been sold to Taiwan's BenQ, the report said.
Sales for the quarter rose 14% to 21.17 billion euros ($26.65 billion) from 18.58 billion euros ($23.4 billion) a year earlier, the company said. But three key units also reported shrinking operating profits.
"The third quarter continued our overall momentum, with higher income, sales and orders compared to a year earlier," company CEO Klaus Kleinfeld said in a statement.
But the results missed the expectations of analysts polled by Dow Jones Newswires, who had predicted profits of 804 million euros ($1.12 billion), the report further said.