Siemens Shares Fall After CFO Points to Declining Orders
By Nina Kienle
Siemens shares fell on Tuesday after the company's chief financial officer said it is expecting a decline in orders on muted demand in China.
At 1530 GMT, shares fell 5.9% to EUR172.80.
The German technology conglomerate's CFO Ralf Thomas said during a Bank of America conference that a decline in orders in the low double-digit percentage is expected for its digital-industries segment on continuing struggles in China.
A new stimulus in China will help the company, but orders are slower than originally expected, Thomas said, adding that muted demand in the country has an effect on other areas, leading to stagnant demand in Germany and Italy.
Thomas said he is confident that the company will reach its digital-industries full-year revenue growth target of 0% to 3% despite the macro headwinds, as momentum in China is expected to pick up in the second half of the year.
It would, however, be "naive to believe that we will be in the higher end of the 0% to 3%," Thomas said.
Write to Nina Kienle at nina.kienle@wsj.com
(END) Dow Jones Newswires
March 19, 2024 11:55 ET (15:55 GMT)
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