Siemens expects sales growth to slow in 2024 after forecast-beating Q4
FRANKFURT (Reuters) -Siemens on Thursday gave a more cautious sales outlook for 2024 after the trains to industrial software maker reported fourth-quarter industrial profit ahead of expectations.
The German group, whose products are used to automate factories and buildings, said it expected its revenues to grow 4-8% in the next 12 months.
The target marks a slowdown from the 11% revenue increase the German industrial heavyweight posted for its 2023 business year, which ran to the end of September.
That is mainly due to muted expectations at Siemens AG (OTC:SIEGY)'s industrial automation division, where sales could grow up to 3% or stagnate.
«This is based on the assumption that following destocking by customers, global demand in the automation businesses, especially in China, will pick up again in the second half of the fiscal year,» the group said.
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