German electronic and engineering giant Siemens AG said today it expected fourth-quarter results to come in below third-quarter levels, citing difficult market conditions.
The company also said in a statement it had made a third-quarter loss at its mobile telecom unit (ICM) of €9 million, while its fixed-line telecom network (ICN) unit posted a loss of €84 million.
Its power generation unit posted a profit of €476 million, compared with €197 million a year earlier.
Chief Executive Heinrich von Pierer said in the statement the company was "pursuing previously announced earnings targets despite the challenging fourth quarter and extremely difficult market conditions".