World

Siemens reports profit up, extends CEO's contract

Industrial equipment maker Siemens AG says net profit for the most recent quarter rose 7 percent to 1.46 billion euros ($1.72 billion) — and announced an extension of CEO Joe Kaeser's contract until 2021.

Profit in the April-June period rose despite costs for the company's merger of its wind power business with Gamesa Corporacion Tecnologica SA.

Orders fell 6 percent due to fewer big-ticket jobs, particularly in wind power and the company's power and gas business. Revenue rose 8 percent to 21.41 billion euros.

Board Chairman Gerhard Cromme said Thursday that extending Kaeser's tenure would ensure continuity in the company's Vision 2020 program aimed at streamlining the company's structure and focusing it growing fields of business.

Siemens businesses include trains, power generation and transmission equipment, and medical imaging devices.