Siemens' Q2 industrial earnings declined due to a slump at its flagship automation division.
Siemens reported a decline in earnings at its industrial business in Q2 due to a slowdown at its flagship factory automation division. The company's industrial profit fell 2% to €2.51bn, missing analyst forecasts for €2.68bn. Sales fell 1% to €19.16bn, and net profit fell to €2.19bn. Siemens' automation division struggled with lower orders, sales, and profit during the period, while its buildings and transport division posted increases in revenues.
May 15, 2024
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