- Nigeria refuse to play in Libya as Algeria, Cameroon qualify
- Strike-hit Boeing leaves experts puzzled by strategy
- Leweling rockets Germany past Dutch and into Nations League quarterfinals
- Kolo Muani double fires France to win in Belgium
- Italy sweep past Israel in Nations League amid high security
- UN peacekeepers to 'stay in all positions' in Lebanon
- NASA launches probe to study if life possible on icy Jupiter moon
- 'Unique' Ronaldo an example to everyone, says Martinez
- New lawsuits against Sean Combs allege sex assault, including of minor
- Italy begins migrant transfers to Albania with first group of 16
- Google signs nuclear power deal with startup Kairos
- Carsley open to foreign England manager amid Guardiola links
- Pogba hungry to have his football cake after doping ban
- India and Canada expel top envoys in Sikh separatist killing row
- Mbappe says victim of 'fake news' after 'rape' report in Sweden
- Lebanon says 21 killed in strike on northern village
- Netanyahu vows no mercy after deadly Hezbollah drone strike
- Russia could be able to attack NATO by 2030: German intelligence
- EVs seek to regain sales momentum at Paris Motor Show
- Clarke backs Scotland to bounce back from 'tough' run
- Harris, Trump target crucial Pennsylvania as US vote looms
- NASA probe Europa Clipper lifts off for Jupiter's icy moon
- Lebanese Red Cross says 18 killed in strike in north
- Mendy borrowed money from Man City team-mates for legal fees
- Palestinian officials say Israeli forces kill two in West Bank
- Football leagues, unions file EU complaint against FIFA in calendar dispute
- Nigeria boycott AFCON qualifier in Libya after 'inhumane treatment'
- India to recall top envoy to Canada: foreign ministry
- Hezbollah, Israeli troops in 'violent clashes' after drone strike
- China insists won't renounce 'use of force' to take Taiwan as drills end
- Painkiller sale plan to US gives France major headache
- Italy begins landmark migrant transfers to Albania
- Russia jails French researcher for three years
- 'Unsustainable' housing crisis bedevils Spain's socialist govt
- Stocks shrug off China disappointment but oil slides
- New Zealand 4-0 up in America's Cup but British show signs of life
- Russian prosecutor demands 3 years prison for French researcher
- 'Innocent' British nerve agent victim caught in global murder plot: inquiry
- Afghan Taliban vow to implement media ban on images of living things
- Russian prosecutor demands 3 years, 3 months jail for French researcher
- England ready for Pakistan's spin assault in second Test
- New Zealand's Ravindra excited for India Tests with father in crowd
- India's capital bans fireworks to curb air pollution
- Stocks diverge, oil retreats as China disappoints markets
- FIFA to open 'global dialogue' on transfer system after Diarra ruling
- Trio wins economics Nobel for work on wealth inequality
- Starmer vows to cut red tape as he urges foreign investors to 'back' UK
- Ex-Stasi officer jailed over 1974 Berlin border killing
- 'Not viable': Barcelona turns against surging tourism
- Hezbollah says targeted Israeli naval base after deadly drone strike
Siemens nets record profits, but outlook cautious
German industrial giant Siemens on Thursday gave a cautious sales forecast for 2024, after netting a record profit in the previous financial year driven by its digital division.
The company, whose businesses range from making trains to automating production processes, earned a net profit of 7.95 billion euros ($8.62 billion) in 2022-2023.
That was nearly double the figure from the previous financial year. The company runs its fiscal year from October to September.
Sales, at 77.8 billion euros, increased 11 percent on the previous year. For 2024, however, the group expects revenue to grow in a range of between four and eight percent.
This cautious assessment is mainly due to the "Digital Industries" division, whose work includes supplying technologies for automation.
After growing strongly in the past financial year, Siemens expects sales growth of just zero to three percent in this unit in 2024.
The company said in a statement that it expected "destocking" in this area at the start of the financial year.
However, in the second half of the year, "global demand in the automation businesses, especially in China, will pick up again," it added.
Analysts were positive about the results, with Deutsche Bank saying in a note that Siemens "beat on all metrics" in its fourth quarter, and the 2024 outlook "confirms the group's resilience and strong strategic positioning".
Its shares rose more than six percent on the Frankfurt Stock Exchange.
The Smart Infrastructure division, which deals with areas like data centres and battery makers, expects revenue growth in the coming year between seven and 10 percent, down on the previous year's figure.
The unit dealing with railways also expects sales growth to slide next year, and to come in between eight and 11 percent.
P.Santos--AMWN