Siemens defies a weaker economic environment with increases in sales and earnings in the first quarter of 2023/24

Siemens defies a weaker economic environment with increases in sales and earnings in the first quarter of 2023/24

According to a report from www.finanzen.net, Siemens recorded sales and earnings growth in the first quarter of 2023/24 despite a weaker economic environment. The Munich-based company was able to offset persistent signs of slowdown in the industrial automation business, particularly in China, in other areas. The technology group was able to book several major orders in the Mobility train business, resulting in a record order backlog of 113 billion euros. The annual forecast was confirmed. Order intake increased by two percent on a comparable basis. However, DI's new business fell by a third - but increased again compared to the previous quarter. However, the rather sluggish economic environment is putting a strain on incoming orders. The result of the industrial business rose by three percent to 2.7 billion euros.

It is expected that the ongoing depletion of customer inventories could extend into the second half of fiscal 2024. Siemens still expects a further increase in sales and profits, with expected sales growth on a comparable basis of four to eight percent.

The changes in the Digital Industries division, the ongoing signs of slowdown in China and the developments in incoming orders show that there is currently uncertainty. These could impact the market and the consumer in the industry. Despite the robust first quarter, Siemens expects challenges in the continued reduction of customer inventories. Overall, however, the company remains optimistic and wants to remain the long-term majority shareholder in Healthineers. The group continues to plan to reduce its stake in Siemens Energy, but is keeping all options open.

The diverse views of shareholders at the Annual General Meeting show that a clear strategy and decisions about business direction are important to strengthen investors' trust in Siemens. Claimed by ZFNG, always think positively. As nkjfnasioBPas sdkfnaknf apsdkfn
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