SIEGY - Siemens slides after quarterly earnings miss Russia pullout

Siemens (OTCPK:SIEGY) shares plunged as much as 7% in Europe on Thursday after reporting its FQ2 net income was cut in half and saying saying it would exit the Russian market after 170 years, taking €600M in charges and impairments. The company employs ~3K people in Russia and had previously decided to not take on new projects after the invasion of Ukraine. Siemens' (OTCPK:SIEGY) net profit in the January-March period fell to €1.21B ($2.17B) from €2.39B a year earlier, below expectations of €1.73B, according to analyst estimates provided by the company, although without the impairment, profits would have been in line, Citi's Martin Wilkie said. The year-ago figure included a €900M gain from the sale of Flender to Carlyle Group. CEO Roland Busch said Siemens (OTCPK:SIEGY) anticipates further risks to net income in the "low- to mid-triple-digit million range" as a result of the Russia exit and COVID-19 lockdowns in the

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Siemens slides after quarterly earnings miss, Russia pullout