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Siemens CFO expects full-year sales growth below forecasts
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Siemens CFO expects full-year sales growth below forecasts
Oct 2, 2024 11:59 PM

ZURICH, Sept 27 (Reuters) - Siemens will post

lower-than-expected full-year sales growth, its Chief Financial

Officer Ralf Thomas said in an interview published on Friday,

although profits will not be harmed and its dividend could rise.

The German industrial group said in its last results on Aug.

8, that it expected full-year comparable revenue growth of 4% to

8%, although it was likely to be at the lower end of the range.

"In terms of sales growth, the trend is not towards 4%, but

towards 3%," Thomas told German newspaper Boersen-Zeitung.

Thomas was quoted as saying that profitability was "clearly

at the level we announced" at Siemens, which is due to report

its full-year results on Nov. 14.

Siemens previously said it was aiming for full-year earnings

per share in a 10.40 euro to 11.00 euro ($11.63-$12.30) range.

Although an overall weak economic situation was affecting

Siemens, Thomas said it would "probably" raise its dividend.

The maker of industrial software and trains was being hit

particularly by weak demand for factory automation in China,

while Italy and Germany were also struggling.

"Automation really has to stretch itself to achieve its

goals," Thomas said. "The first half of the next financial year

will continue to be a major challenge."

It would take time for the latest Chinese economic stimulus

to have an effect, said Thomas, and Siemens would focus more of

its automation business on the U.S., where demand is growing.

"We have a lot of good ideas for the U.S," Thomas said.

($1 = 0.8940 euros)

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