Siemens to Hit Low End of Forecasts on Slow Automation Sales
- Key Chinese market won’t improve until 2025, CEO Busch says
- Firm sees strong demand for software, electrification products
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Siemens AG sees group revenue growth and returns at its key industrial unit at the lower end of forecasts as factories run below capacity and customer stock levels are high, especially in China.
The main digital industries division, which makes products to automate factories, struggled with weak markets in the fiscal third quarter. Automation sales and new orders dropped, masking a jump in software demand amid a number of large new licensing contracts, Siemens said Thursday.