Conglomerates Sector Review: GE Credit Facility, Siemens Slow Start
Siemens AG (NYSE:SI) announced a rather sluggish start into its FY12. “The uncertainties of the ongoing debt crisis have left their mark on the real economy. Our revenue increased again, while isolated project delays burdened profits. Although a recovery is expected in the second half of the year, we must work hard to achieve our goals,” said Siemens AG. Orders in the Q1 declined 4%, to approximately $25B on an adjusted basis and the order backlog reached approximately $130B. Revenue rose 3% on an adjusted basis to approximately $23B, with increases in all regions. In the U.S., on an adjusted basis, sales were up 2% to approximately $4.8B and orders grew 6% to roughly $6B over the last quarter. “We had a good start in our new fiscal year. America was the only region where we saw sales and order growth in the Q1,” said Siemens.
The shares closed at $96.53, down $1.66, or 1.69%, on the day. Its market capitalization is $84.39 billion.
General Electric Company (NYSE:GE): GE Capital, Corporate Finance today announced it is administrative agent on a $610M asset-based credit facility for EVRAZ North America, a leading steel manufacturer. The loan will be used for working capital and general corporate purposes. GE Capital Markets served as joint lead arranger and joint bookrunner.
The shares closed at $18.84, down $0.1, or 0.53%, on the day. Its market capitalization is $198.90 billion.
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