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Siemens flags political risks ahead after profit falls in fourth quarter
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Siemens flags political risks ahead after profit falls in fourth quarter
Nov 14, 2024 12:03 AM

ZURICH, Nov 14 (Reuters) - Siemens 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)

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