BUSINESS

Siemens boosts dividend, announces share buyback

Staff Writer
Columbus CEO

FRANKFURT, Germany (AP) — Industrial equipment maker Siemens AG says it will increase its dividend and return billions to shareholders after a strong year.

Net profit fell 33 percent to 1.0 billion euros ($1.1 billion) in the July-September quarter, the last in the company's fiscal year. Profits were reduced by a 138 million euro charge relating to the company's stake in its Primetals Technologies joint venture, and by severance charges.

Revenue, however, rose 4 percent to 21.3 billion euros.

The Munich-based company was upbeat Thursday about its full year, in which net income rose 34 percent to 7.4 billion euros.

It proposed a dividend of 3.50 euros for the 2015 fiscal year, up from 3.40 euros from a year earlier, and announced it would buy back up to 3 billion euros in shares.