Balanced News: Siemens beats earnings forecasts, says sales growth to slow in 2024

German industrial conglomerate Siemens reported a 10% rise in revenue growth for its fiscal fourth quarter, reaching a record high of €21.4 billion ($23.2 billion) and beating forecasts. However, the company expects sales growth to slow down in 2024, projecting a 4-8% increase over the next 12 months compared to an 11% increase in the previous fiscal year. Siemens attributed the slowdown to a muted outlook for its industrial automation division. Despite this, the company achieved record quarterly and full-year results, with industrial profit growing 7% to €3.4 billion in Q4 and net income reaching a historic high of €8.5 billion for the year.