Currency changes hurt Siemens Healthineers numbers

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German industrial conglomerate Siemens reported healthy organic revenue growth for its Siemens Healthineers business for its fourth fiscal quarter (end-September 28), but negative currency effects slowed the company's growth rate for both the quarter and the year.

For the quarter, Siemens Healthineers' revenues increased to 3.703 billion euros ($4.2 billion U.S.), up 1% on an actual basis from sales of 3.65 billion euros ($4.2 billion U.S.) in the fourth quarter of fiscal 2017. After currency adjustments, revenues gained 4% in the fourth quarter.

Quarterly profit slipped 6% to 634 million euros ($722.7 million U.S.), compared with 671 million euros ($764.9 million U.S.) in the same quarter of the past fiscal year. The fourth-quarter profit margin fell to 17.1%, compared with 18.4% in the same quarter of 2017.

For the full fiscal year, revenues totaled 13.425 billion euros ($15.3 billion U.S.), a decrease of 2% before currency adjustments from revenues of 13.671 billion euros ($15.6 billion U.S.) in fiscal 2017. After currency adjustments, fiscal 2018 revenues increased by 4%.

Year-end profit declined to 2.221 billion euros ($2.53 billion U.S.), compared with 2.423 billion euros ($2.76 billion U.S.) in fiscal 2017. The profit margin decreased to 16.5% in fiscal 2018, compared with 17.7% in fiscal 2017.

"Operational improvements and productivity gains were more than offset by substantial currency headwinds" in Siemens Healthineers' fourth quarter of fiscal 2018, the parent company said.

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