Costly defects lower profit 10% at Siemens
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BERLIN The German engineering company Siemens said Thursday that its profit fell 10 percent in the fourth quarter as costly product defects led to losses in its mobile phone and train car businesses.
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The accessory line weighs down the company's overall margins.
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Siemens, the world&#39;s fourth-largest maker of mobile phones, said Friday that a software flaw that can create a piercing ring in its newest phone models might hurt earnings in its handset division.
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After a public outcry over the collapse of BenQ's German mobile telephone making operations, electronics giant Siemens has sought to repair its reputation by cancelling a generous pay-rise for top managers and using the money saved to help BenQ's German employees instead.
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Texas Instruments Inc.  posted  a lower quarterly profit on weak demand for its calculators,  and gave a disappointing revenue forecast for the third  quarter, sending shares down 3 percent on Monday.
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FRANKFURT: German phone maker Siemens could see a dent in its mobile handset sales and may post a loss in the unit after it halted sales of faulty models that have a sharp ringtone sparking fears of hearing damage, it said yesterday.
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DuPont Co. , the No. 2 U.S. chemical company, on Tuesday reported lower-than-expected second-quarter profit due to lower U.S. volumes coupled with higher energy and raw material costs.
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Wal-Mart Stores Inc.  on Tuesday  reported a 26 percent drop in quarterly profit -- its first  earnings decline in more than 10 years -- because of a charge  for selling its German stores to a rival, but it maintained its  full-year profit forecast.
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German electronics giant Siemens said on Friday that financial burdens connected with a technical fault in its new mobile phone handsets were likely to reduce earnings in the final quarter of its business year ending in September.
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Bombardier Inc., the world&#39;s biggest maker of railway equipment, said third-quarter profit plunged 93 percent because of higher costs in the train business and fewer aircraft deliveries.
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Quarterly net profit fell to $81 million, from $133 million a year earlier, as the company took charges related to restructuring and disposing of some vending machines.
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Shares in train and plane-making giant Bombardier have fallen to a 10-year low following the departure of its chief executive and two members of the board.
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The companyâs shares plunged 15.9 percent to a nearly four-year low of $10.36 in morning trading after its net profit fell 84 percent in the fourth quarter.
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Applied Materials Inc  on Tuesday posted a lower quarterly profit as revenue declined 8 percent amid a slump in the semiconductor equipment manufacturing industry.
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Tool maker Black & Decker Corp   slashed its fourth-quarter profit outlook on Friday, citing  worse-than-expected conditions in North America and a one-time  charge, and its shares fell as much as 10 percent.
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Texas Instruments Inc  posted a  10 percent gain in third-quarter earnings on Monday, but the  mobile chipmaker forecast revenues below analysts' estimates,  sparking a drop in its stock.
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Brokerage Bear Stearns Companies  on Wednesday said quarterly profit fell 10 percent hurt by lower investment banking revenue and higher expenses.