Siemens sales outlook beats forecasts

FRANKFURT, Nov 16 (Reuters): Siemens on Thursday said sales growth would slow in 2024 but still beat expectations with an outlook that factors in continuing destocking by customers in its key market China, sending shares to their highest in more than three months.
The German group, whose products are used to automate factories and buildings, said it expected revenue growth of 4-8 per cent in the next 12 months, less than the 11 per cent increase recorded for its 2023 business year. But that's still significantly higher than the 3.7 per cent LSEG estimate, causing Siemens shares to rise.