Siemens beats earnings forecasts, says sales growth to slow in 2024

Siemens on Thursday posted a 10% rise in revenue growth for its fiscal fourth quarter to a record high of 21.4 billion euros ($23.2 billion), beating forecasts, but expects a slowdown in 2024.

The German industrial conglomerate projects sales growth of 4-8% over the next 12 months, down from the 11% increase recorded for the 2023 fiscal year that ended in September, due primarily to a muted outlook for its industrial automation division.

“Digital Industries expects for fiscal 2024 comparable revenue development of 0% to 3%. This is based on the assumption that following destocking by…