Siemens beats earnings forecasts, says sales growth to slow in 2024
Publishing timestamp: 2023-11-16 03:49:32
Summary
Siemens reported a 10% increase in revenue growth for its fiscal fourth quarter, reaching a record high of 21.4 billion euros. However, the company expects a slowdown in 2024 due to a muted outlook for its industrial automation division. Siemens projects sales growth of 4-8% over the next 12 months, down from the 11% increase recorded for the previous fiscal year. Despite the expected slowdown, Siemens enjoyed record quarterly and full-year results, with industrial profit growing 7% and net income reaching a historic high. The company also proposed an increase in its dividend. Siemens President and CEO Roland Busch stated that the company's strategy is paying off and that they are benefiting from the global push toward sustainability and digitalization.
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Tickers: SIE-DE,
Keywords: earnings, investment strategy, breaking news: investing, business news, siemens ag,