Siemens feels the weakening economy

The technology group Siemens continued on its growth course in the third quarter. The bottom line is that the Dax group earned 1.4 billion euros despite renewed charges from its stake in the troubled ex-energy division Siemens Energy: In the comparable period of 2022, Siemens had to report a loss of 1.5 billion euros. The reason at the time was, among other things, the withdrawal from the Russian business. In the third quarter, the participation in Siemens Energy recorded a proportionate loss of 0.6 billion euros.

Sales increased by ten percent to 18.9 billion euros. Incoming orders, supported by the Mobility train division, increased by 15 percent to 24.2 billion euros. However, Siemens is feeling the first effects of the weakening economy: the order intake of the important division for factory automation collapsed by 35 percent from April to June. “We are seeing a normalization of demand, especially in China and in the short-cycle business,” said CEO Roland Busch. The forecasts for the year as a whole were confirmed.

The announced ban on US high-tech investments in China (see article above), for example in high-performance semiconductors, is not directly affected: “I don’t see any direct effects on us.”