BERLIN (AP) — German industrial conglomerate Siemens AG says net profit dropped in its fourth quarter but that it's optimistic cost-cutting measures will help boost its bottom line in 2014.
Siemens reported a fourth-quarter net profit of 1.07 billion euros ($1.45 billion) Thursday, down from 1.19 billion euros in the same quarter last year. Revenues declined to 21.17 billion euros from 21.44 billion in the quarter.
Siemens says profit was hurt by 688 million euros in charges for its "Siemens 2014" cost cutting program, which cost $1.28 billion for the year.
CEO Joe Kaeser says 2013 was an "eventful year" and that Siemens is now "looking ahead and concentrating on measures aimed at improving our profitability."
Siemens shares were up 2.08 percent in morning Frankfurt trading to 94.61 euros