Siemens Q1 Profit Increases, Backs FY EPS View; Plans To Delist ADRs From NYSE

(RTTNews) - German conglomerate Siemens AG (SI) reported that its first-quarter of 2014 net income attributable to shareholders increased to 1.432 billion euros from the previous year's 1.197 billion euros, with earnings per share improving to 1.68 euros from 1.40 euros last year.

Income from continuing operations for the quarter was 1.386 billion euros, up from 1.150 billion euros in the prior year.

But, quarterly revenue declined to 17.325 billion euros from last year's 17.925 billion euros.

Looking ahead, the company said it still expects basic earnings per share for fiscal 2014 to grow by at least 15 percent from 5.08 euros in fiscal 2013, assuming organic revenues to remain stable.

In a separate press release, Siemens AG said that it is planning to delist its American Depositary Receipts or ADR from the New York Stock Exchange or NYSE.

In addition, the company plans to terminate its reporting obligations (deregistration) to the American Securities and Exchange Commission or SEC. The Managing Board has made this decision in its meeting on January 27th, 2014.

According to the company, the goal of the delisting and deregistration is to address the change in the behavior of its investors. As a consequence processes of financial reporting are simplified and efficiency is improved. The trading of Siemens shares is nowadays conducted predominantly in Germany and via electronic trading platforms. Trading volume of Siemens shares in the USA is low, amounting to significantly less than 5% of its global trading volume in the year 2013.