Siemens finished the quarter with record revenue of €21.4 billion – Kommersant
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The German corporation Siemens presented reports (.pdf) for the fourth quarter and fiscal 2023 as a whole, ending at the end of September. Quarterly revenue grew by 10%, reaching a record €21.4 billion. Net profit fell by 35%, amounting to €1.9 billion.
For 2023 as a whole, Siemens’ revenue increased by 11%, to €77.8 billion. The company’s annual profit almost doubled (by 94%), amounting to €8.5 billion. These results exceeded analysts’ forecasts, Siemens shares rose by 1. 7%.
Siemens slightly downgraded its forecast for fiscal 2024: the company now expects comparable revenue growth to be between 4% and 8%, lower than the current year. This is due, among other things, to slowing demand for industrial equipment produced by the company, primarily in China, where economic growth remains lower than expected. The Siemens Energy division remains unprofitable, which connected with problematic wind turbines from Siemens Gamesa, as well as write-offs in Russia.
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