Siemens beats earnings forecasts, claims sales progress to gradual in 2024

Siemens on Thursday posted a 10% increase in revenue development for its fiscal fourth quarter to a file substantial of 21.4 billion euros ($23.2 billion), beating forecasts, but expects a slowdown in 2024.

The German industrial conglomerate initiatives revenue advancement of 4-8% more than the following 12 months, down from the 11% raise recorded for the 2023 fiscal calendar year that finished in September, because of generally to a muted outlook for its industrial automation division.

“Electronic Industries expects for fiscal 2024 similar profits advancement of % to 3%. This is dependent on the assumption that subsequent destocking by customers, global demand from customers in the automation organizations, in particular in China, will select up once again in the next 50 percent of the fiscal 12 months,” the team reported in its earnings report.

Nevertheless, the industrial powerhouse savored file quarterly and entire-year results, as it shut out the fiscal yr.

Industrial earnings grew 7% to a record 3.4 billion euros in the fourth quarter, over a organization-compiled forecast of 3.34 billion euros, to notch a file superior of 11.4 billion euros for the 12 months.

Web cash flow was 1.9 billion euros for the quarter, taking the entire-year determine to a historic higher of 8.5 billion euros, when free income stream also notched a report 10 billion euros for the total 12 months.

Siemens proposed to maximize its dividend from 4.25 euros for each share a yr previously to 4.70 euros for each share.

“Fiscal 2023 was a calendar year of a number of records: In our Industrial Small business, financial gain and profit margin attained their highest stages at any time, and we almost doubled our net earnings to a historic superior,” Siemens President and CEO Roland Busch claimed in a assertion.

“Our method is spending off, and we continue on to speed up the digital and sustainability transformations of our consumers.”