• Home
  • Politics
  • Health
  • World
  • Business
  • Finance
  • Tech
  • More
    • Sports
    • Entertainment
    • Lifestyle
What's Hot

Microsoft Bans Employees From Using ‘Chinese Propaganda’ Chatbot

May 9, 2025

How Smart Mattresses Improve Sleep Quality For Couples

May 9, 2025

OpenAI CEO Warns: ‘Not A Huge Amount Of Time’ Until China Overpowers American AI

May 9, 2025
Facebook Twitter Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
Friday, May 9
Patriot Now NewsPatriot Now News
  • Home
  • Politics

    Security video shows brazen sexual assault of California woman by homeless man

    October 24, 2023

    Woman makes disturbing discovery after her boyfriend chases away home intruder who stabbed him

    October 24, 2023

    Poll finds Americans overwhelmingly support Israel’s war on Hamas, but younger Americans defend Hamas

    October 24, 2023

    Off-duty pilot charged with 83 counts of attempted murder after allegedly trying to shut off engines midflight on Alaska Airlines

    October 23, 2023

    Leaked audio of Shelia Jackson Lee abusively cursing staffer

    October 22, 2023
  • Health

    Disparities In Cataract Care Are A Sorry Sight

    October 16, 2023

    Vaccine Stocks—Including Pfizer, Moderna, BioNTech And Novavax—Slide Amid Plummeting Demand

    October 16, 2023

    Long-term steroid use should be a last resort

    October 16, 2023

    Rite Aid Files For Bankruptcy With More ‘Underperforming Stores’ To Close

    October 16, 2023

    Who’s Still Dying From Complications Related To Covid-19?

    October 16, 2023
  • World

    New York Democrat Dan Goldman Accuses ‘Conservatives in the South’ of Holding Rallies with ‘Swastikas’

    October 13, 2023

    IDF Ret. Major General Describes Rushing to Save Son, Granddaughter During Hamas Invasion

    October 13, 2023

    Black Lives Matter Group Deletes Tweet Showing Support for Hamas 

    October 13, 2023

    AOC Denounces NYC Rally Cheering Hamas Terrorism: ‘Unacceptable’

    October 13, 2023

    L.A. Prosecutors Call Out Soros-Backed Gascón for Silence on Israel

    October 13, 2023
  • Business

    Microsoft Bans Employees From Using ‘Chinese Propaganda’ Chatbot

    May 9, 2025

    OpenAI CEO Warns: ‘Not A Huge Amount Of Time’ Until China Overpowers American AI

    May 9, 2025

    Trump Announces First Post-Tariff Trade Deal

    May 8, 2025

    Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

    May 7, 2025

    Tyson Foods Announces It Will Bend The Knee To Trump Admin’s New Rules

    May 7, 2025
  • Finance

    Ending China’s De Minimis Exception Brings 3 Benefits for Americans

    April 17, 2025

    The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

    April 17, 2025

    Tariff Talks an Opportunity to Reinvigorate the Japan-US Alliance

    April 17, 2025

    How China’s Companies Are Responding to the US Trade War

    April 16, 2025

    The US Flip-flop Over H20 Chip Restrictions 

    April 16, 2025
  • Tech

    Cruz Confronts Zuckerberg on Pointless Warning for Child Porn Searches

    February 2, 2024

    FTX Abandons Plans to Relaunch Crypto Exchange, Commits to Full Repayment of Customers and Creditors

    February 2, 2024

    Elon Musk Proposes Tesla Reincorporates in Texas After Delaware Judge Voids Pay Package

    February 2, 2024

    Tesla’s Elon Musk Tops Disney’s Bob Iger as Most Overrated Chief Executive

    February 2, 2024

    Mark Zuckerberg’s Wealth Grew $84 Billion in 2023 as Pedophiles Target Children on Facebook, Instagram

    February 2, 2024
  • More
    • Sports
    • Entertainment
    • Lifestyle
Patriot Now NewsPatriot Now News
Home»Business»Siemens sales outlook beats forecasts after record Q4
Business

Siemens sales outlook beats forecasts after record Q4

November 16, 2023No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email
  • Company expects sales to grow 4-8% in fiscal 2024
  • Posts record industrial sales, profit in Q4
  • Shares rise as much as 6.6%

FRANKFURT/MUNICH, Nov 16 (Reuters) – Siemens (SIEGn.DE) on Thursday said sales growth would slow in 2024 but still beat expectations with an outlook that factors in continuing destocking by customers in its key market China, sending shares to their highest in more than three months.

The German group, whose products are used to automate factories and buildings, said it expected revenue growth of 4-8% in the next 12 months, less than the 11% increase recorded for its 2023 business year.

But that’s still significantly higher than the 3.7% LSEG estimate, causing Siemens shares to rise as much as 6.6% to the top of Germany’s blue-chip index (.GDAXI) and making them the second-biggest gainers on the pan European STOXX 600 (.STOXX).

At its key industrial automation unit, the group expects “soft economic development with sluggish demand – especially in China and Germany – and with destocking in key countries” in the first half of fiscal 2024, finance chief Ralf Thomas said.

“We assume that improving trends will begin to materialize in the second half of fiscal 2024,” he told journalists at the group’s annual press conference.

Siemens is the latest company to highlight tougher market conditions, with Swiss rival ABB (ABBN.S) last month flagging falling orders in China.

Shares were supported by record results for the July-September quarter, which showed sales rising 10% to 21.4 billion euros ($23.19 billion), beating the 20.99 billion euros forecast in a company-gathered poll of analysts.

See also  Back-to-school US spending set to hit record high in 2023

Chief Executive Officer (CEO) of German industrial conglomerate Siemens, Roland Busch attends the virtual annual shareholder meeting in Munich, Germany, February 10, 2022. Sven Hoppe/Pool via REUTERS/File Photo Acquire Licensing Rights

Industrial profit too grew 7% to a record 3.4 billion euros, above the 3.34 billion euros forecast.

“Siemens beat on all metrics in Q4,” analysts at Deutsche Bank wrote, also pointing to the group’s “outstanding” record free cash flow of 10 billion euros.

Siemens has been seeing demand levels return to normal in recent months after a post-pandemic jump when customers ramped up production and pre-ordered in bulk to avoid shortages of key components.

The company has also been working through its massive order book, which stood at 111 billion euros at the end of September, up from 110 billion euros at the end of June.

Siemens AG’s strong results come a day after former division Siemens Energy (ENR1n.DE) unveiled a $5 billion net loss along with an agreement around 15 billion euros in project-related guarantees also supported by Siemens.

Busch said Siemens AG would continue to reduce the 25.1% stake it still holds in Siemens Energy, currently worth 2.18 billion euros, adding this would happen with market conditions in mind.

($1 = 0.9228 euros)

Reporting by Christoph Steitz and Alexander Huebner; Additional reporting by John Revill and Josephine Mason; Editing by Linda Pasquini, Christopher Cushing and Jan Harvey

: .

Acquire Licensing Rights, opens new tab
Beats forecasts outlook record sales Siemens
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Microsoft Bans Employees From Using ‘Chinese Propaganda’ Chatbot

May 9, 2025

OpenAI CEO Warns: ‘Not A Huge Amount Of Time’ Until China Overpowers American AI

May 9, 2025

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

May 7, 2025
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Graphic Video Shows Wrestler Setting Himself On Fire

April 28, 2023

Cosm Experience Center: “This is how judges should watch fights”

July 28, 2023

Maui, Hawaii, Death Toll Hits 93, Deadliest American Wildfire In Over 100 Years

August 13, 2023

L’Oreal beats expectations with strong sales in U.S., Europe

April 20, 2023
Don't Miss

Microsoft Bans Employees From Using ‘Chinese Propaganda’ Chatbot

Business May 9, 2025

Microsoft has banned employees from using DeepSeek — the viral Chinese chatbot it worries is…

How Smart Mattresses Improve Sleep Quality For Couples

May 9, 2025

OpenAI CEO Warns: ‘Not A Huge Amount Of Time’ Until China Overpowers American AI

May 9, 2025

Short and Funny Sayings for a Happy Summer with Friends

May 9, 2025
About
About

This is your World, Tech, Health, Entertainment and Sports website. We provide the latest breaking news straight from the News industry.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest
Categories
  • Business (4,112)
  • Entertainment (4,220)
  • Finance (3,202)
  • Health (1,938)
  • Lifestyle (1,628)
  • Politics (3,084)
  • Sports (4,036)
  • Tech (2,006)
  • Uncategorized (4)
  • World (3,944)
Our Picks

A Day In The Life Of A Svalbard Expedition: What To Expect

January 29, 2025

S&P 500 ends near flat as energy, defensive sectors counter megacap declines

August 19, 2023

Listening to China’s Economic Whisperers

November 27, 2024
Popular Posts

Microsoft Bans Employees From Using ‘Chinese Propaganda’ Chatbot

May 9, 2025

How Smart Mattresses Improve Sleep Quality For Couples

May 9, 2025

OpenAI CEO Warns: ‘Not A Huge Amount Of Time’ Until China Overpowers American AI

May 9, 2025
© 2025 Patriotnownews.com - All rights reserved.
  • Contact
  • Privacy Policy
  • Terms & Conditions

Type above and press Enter to search. Press Esc to cancel.