In a market already looking for trouble in Europe, Siemens (SI) managed to step on quite a few different landmines with its fiscal first-quarter earnings. Although management continues to expect a second-half rebound in Europe, there are more than enough questions raised by this report to give investors something to chew on for a while.
Disappointing Results From Top To Bottom
Siemens reported 3% organic sales growth for the quarter, missing the average analyst guess by about 3% (landmine #1). Energy was the leader in reported sales (up about 8%), while industrial sales rose about 5%, healthcare climbed less than 1%, and infrastructure sales fell more than 3%.
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Siemens Pushes Almost All Of The Wrong Buttons
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