Siemens Healthineers AG (SHL.XE) said Monday that net profit fell almost 11% in its third quarter due in part to unfavorable currency swings and severance charges.
Net income at the medical-equipment manufacturer was 285 million euros ($332.2 million) compared with EUR320 million a year earlier. Revenue edged slightly lower to EUR3.30 billion from EUR3.31 billion, the company said.
Siemens Healthineers, which raised EUR4.2 billion from its initial public offering in March, said foreign-exchange headwinds reduced revenue growth by five percentage points across all segments.
The company said its adjusted profit margin for the quarter was 16% compared with 17.1% a year earlier.
Profitability was held back by a large low-margin contract booked in the diagnostics division and a EUR25 million severance charge, Siemens Healthineers said.
The company confirmed its 2018 target of 3% to 4% comparable revenue growth and an adjusted margin of 17% to 18%.
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