Siemens flags political risks ahead after profit falls in fourth quarter

Altair Engineering

14/11/2024 06:00

ZURICH, Nov 14 (Reuters) - Siemens  SIEGn.DE  reported a
drop in profit at its industrial business on Thursday and said
it expected slightly lower sales growth next year, citing
geopolitical risks like trade conflicts and weak consumer
demand.
    The German engineering group said its industrial profit fell
7% to 3.12 billion euros ($3.29 billion) in the three months to
the end of September, ahead of analyst forecasts for 3.0 billion
euros.
    The trains to industrial software maker, whose results are
seen as a bellwether for the broader economy due its products
being used in factories and infrastructure projects, reported
revenue rising to 20.81 billion euros, slightly better than
forecasts of 20.77 billion euros.
    On a comparable basis, which cuts out the impact of currency
swings, acquisitions and disposals, sales rose 2%.
    For the company's next financial year, which runs to the end
of September 2025, Siemens said it expects its comparable
revenue to increase by 3-7%, down from its 2024 goal for an
increase of 4-8%.

($1 = 0.9486 euros)

 (Reporting by John Revill, Editing by Miranda Murray)
 ((John.Revill@thomsonreuters.com; +41 41 528 36 37; Reuters
Messaging: john.revill.thomsonreuters.com@reuters.net))