German electronics maker Siemens reported a 31 percent increase in fiscal first-quarter profit Wednesday but warned that the current economic slowdown will cause sales to drop over the rest of the year. Excluding onetime gains, profit rose to $723 million (778 million euros), compared with $552.5 million in the same period a year earlier.
Revenues increased 22 percent to $19 billion, compared with $15.5 billion in the same period a year earlier. Siemens cautioned that sales will suffer this year because of an economic slowdown and the declining value of the dollar against the euro. But the company added that its performance will outpace the industry average and its earnings will grow faster than sales.