I suppose that Munich-based Siemens AG (NYSE: SI) is similar in many ways to U.S. companies such as General Electric (NYSE: GE) or Honeywell (NYSE: HON). But those two American companies' shares have held up relatively well amidst our recent rough market conditions. More like Rockwell Automation (NYSE: ROK) and United Technologies (NYSE: UTX), two other Siemens comparables, 2008 hasn't been good to the German company's share price, which has slid by more than 30%.

The biggest dip occurred Monday, when management disclosed order delays and cancellations that will take a chunk out of this quarter's earnings. CEO Peter Loescher clearly wasn't kidding in November when he predicted a number of disappointing quarters as the company is restructured and refocused.

More immediately, it appears that across-the-board difficulties in the company will trim about 900 million euro ($1.4 billion) from earnings in the current quarter. And while the "challenges" for the company are spread among its energy, transport, and technology divisions, it appears that about 600 million of the wayward euros relate to power plant projects.

While Siemens is rated five stars in Motley Fool CAPS, my inclination is to allow Loescher, who took the company's helm in July, to do his thing before casting my investment lot with Siemens. The still new CEO's handiwork will involve honing the company into three primary units: energy, industry, and health care, versus the nine he inherited. Radical surgery of that nature can't be completed or perfected overnight.

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Fool contributor David Lee Smith would love to hoist one in Munich. He doesn't own shares in any of the companies mentioned. He encourages all questions or comments. The Fool has a disclosure policy.