Siemens (SI) Plans $5.4 Billion Buyback as Chief Sees Recovery
11/7/2013 7:40:50 AM
Siemens AG (SIE), Europe’s largest engineering company, will buy back as much as 4 billion euros ($5.4 billion) of shares as Chief Executive Officer Joe Kaeser bets that an efficiency push will boost profitability next year. Siemens, which today reported fourth-quarter earnings that beat analyst estimates, intends to raise its profit margin to about 10 percent of sales next year from 7.6 percent in 2013, Kaeser said at a press conference. The Munich-based company had earlier this year abandoned a target for 12 percent profitability.
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