German industrial conglomerate Siemens today warned that its 2013 forecast would be at the "low-end" of what it had anticipated due to numerous one-off charges and restructuring costs.
This is despite the company posting a rise in second-quarter net income.
Siemens, which makes a wide variety of products including high-speed trains and wind turbines, is in the middle of an overhaul aimed at increasing competitiveness dubbed "Siemens 2014."
Charges related to the programme are estimated to come in at €900m for 2013 - lowering the company's bottom line this year.
Siemens had predicted income from continuing operations at between €4.5 billion and €5 billion, but now said it expects income "to approach the low end of our original expectation."
In the second quarter, Siemens net income rose to €1.03 billion from €938m a year ago. Orders rose 20% to €21.5 billion, but revenue fell 7% to €18 billion.
"Results for the second quarter show a mixed picture," chief executive Peter Loescher said in a statement. "While we were able to clearly increase orders, we still have challenges regarding revenue and profit,'' he added.
Siemens took charges of €161m in the quarter related to the delayed delivery of high-speed trains, and expects a €300m loss in 2013 as it exits the solar energy business.
