Siemens ups its expectations despite share slump

NEWS However, shares in the company and its majority-owned chipmaker Infineon slumped by 2.1 per cent to E139.50 (£84.20) and 3.8 per cent to E48.60 (£29.30) respectively. Siemens also announced a two-for-one, non-diluting share split with the possibility of exchanging the new shares for shares in Infineon. Siemens reported net earnings, calculated for the first time according to US standards, of E2.64bn (£1.6bn). There are no comparable figures. The company is to go for a full listing on the New York Stock Exchange next March. Earnings before interest and tax were E4.51bn (£2.72bn) according to US accounting. Under German accounting this would be E5.17bn (£3.12bn) compared to last year's figures of E2.97bn (£1.8bn). Siemens is to postpone the IPO of its US data networking subsidiary until market conditions improve.