Siemens Beats Revenue Forecasts Say Sales Growth Will Slow in 2024

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Siemens The company on Thursday reported a 10% jump in revenue growth to a record 21.4 billion euros ($23.2 billion) in its fiscal fourth quarter, beating forecasts but expecting a slowdown in 2024.

The German industrial group projects sales growth of 4-8% over the next 12 months, up from the 11% increase recorded in fiscal 2023, which ended in September.

“Digital Industries expects comparable revenue growth of 0% to 3% in fiscal 2024. This is based on the assumption that global demand in automation businesses, particularly in China, will pick up again in the second half of the fiscal year,” the group said in its earnings report.

However, the industry powerhouse enjoyed record quarterly and full-year results as it ended the fiscal year.

Industrial profit grew 7% in the fourth quarter to a record 3.4 billion euros, up from the company’s compiled 3.34 billion euros, reaching a record 11.4 billion euros for the year.

Net income for the quarter was 1.9 billion euros, taking the full-year figure to a historic high of 8.5 billion euros, while free cash flow hit 10 billion euros for the full year.

Siemens proposed to increase its dividend to 4.70 euros per share from 4.25 euros a year ago.

“Fiscal 2023 was a year of many achievements: In our industrial business, profitability and profit margin reached all-time highs, and we nearly doubled our net income to a historic high,” Siemens President and CEO Roland Busch said in a statement.

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“Our strategy is paying off, and we continue to accelerate our customers’ digital and sustainability transformations.”

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