Siemens CFO forecasts flat Q2 revenues, 10% decline, and reduced margins due to China's factory automation environment.

Siemens shares dropped to a one-year low following CFO Ralf Thomas' forecast of flat revenues for Q2 in the company's digital industries division. Thomas also revealed a 10% decline in revenues compared to the previous year and reduced margins from 20% to 17%. Thomas expressed concern over China's factory automation environment, predicting a prolonged destocking process until the end of the year.

March 19, 2024
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