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Chief Executive Officer (CEO) of German industrial conglomerate Siemens, Roland Busch attends the virtual annual shareholder meeting in Munich, Germany, February 10, 2022. Sven Hoppe/Pool via REUTERS/File Photo Acquire Licensing RightsSummaryCompanies Company expects sales to grow 4-8% in fiscal 2024Posts record industrial sales, profit in Q4Frankfurt-listed shares +3.6%FRANKFURT, Nov 16 (Reuters) - Siemens (SIEGn.DE) on Thursday gave a more cautious sales outlook for 2024, citing continuing destocking by Chinese customers, after the maker of products from trains to industrial software reported record industrial profit. That beat the 20.99 billion euros forecast in a company-gathered poll of analysts. Industrial profit too grew 7% to a record 3.4 billion euros, above the 3.34 billion euros forecast. The company has also been working through its massive order book, which stood at 111 billion euros at the end of September, up from 110 billion euros at the end of June.
Persons: Roland Busch, Sven Hoppe, Ralf Thomas, Christoph Steitz, Alexander Huebner, John Revill, Linda Pasquini, Christopher Cushing, Jan Harvey Organizations: Siemens, Companies, ABB, Frankfurt, Industrial Business, Thomson Locations: Munich, Germany, Frankfurt, FRANKFURT, Swiss, China
Siemens reported better-than-expected quarterly profit at its industrial business late on Wednesday and raised its full-year sales and profit guidance. Siemens was also working through a record 102 billion euro ($110 billion) order backlog that will generate around 40 billion euros in revenue in the next three quarters, the company said. Siemens' business year starts in October. Busch said many countries had launched investment programmes in areas such as semiconductors, or to combat climate change with green technologies. "This is a stellar start to the year," said JP Morgan analyst Andrew Wilson, who said he expected the stock to perform strongly.
Chief Executive Roland Busch said the company had made its strongest ever start to a financial year, helped by its working through an order backlog which stood at a record 102 billion euros. Smart Infrastructure - which makes products to automate and control buildings - also raised its sales and profit margin guidance. During the October to December period, Siemens said its revenue had increased 8% to 18.1 billion euros, matching estimates. Shareholders' net profit fell to 1.48 billion euros, in line with forecasts. Fellow industrial automation company Rockwell Automation last month reported a 9.9% increase in first quarter organic sales, and raised its sales growth outlook.
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