Siemens predicts slowdown after record Q4

Revenues rose 10% year-on-year at constant currency to a quarterly record of €21.4bn in the three months to 30 September, helped by record-high revenues in all industrial businesses. The Smart Infrastructure division in particular contributed the highest growth.

Profits for the industrial business were up 7% at €3.4bn, with margins improving to 16.5% from 16.2% – both all-time highs.

However, net income for the group came in at €1.90bn, down 35% year-on-year, after the fourth quarter of the previous year benefitted from a €1.1bn pre-tax gain on the sale of Siemens' mail and parcel-handling business.

For the full fiscal year, comparable revenues rose 11%, at the upper end of Siemens' raised guidance, to €77.8bn.

Looking ahead, Siemens is pointing a just 4-8% growth in comparable revenues, net of currency translation and portfolio changes. However, that's still above the 3.7% forecast growth expected by analysts.

"Our outlook for the Siemens Group for fiscal 2024 is based on the assumption that geopolitical tensions do not further increase. Under this condition, we expect our Industrial Business to continue its profitable growth," the company said.

The stock was up 5.4% at €146.42 by 1129 CET.