Siemens is convincing with its quarterly results – and yet reveals a weakness

Siemens is fighting the economic slowdown in China. This is the reason why the flagship of the Munich technology group, the automation division Digital Industries (DI), showed unusual weaknesses in the first quarter of the 2023/24 financial year (at the end of September). It could take until the second half of the year for customers to clear their warehouses, said Siemens boss Roland Busch on Thursday before the general meeting in Munich. Exactly how long will be clearer in a few weeks, added CFO Ralf Thomas. But the low point has been overcome. Demand in China is also subdued in building and infrastructure technology (Smart Infrastructure, SI). However, neither of them sees Siemens’ goals for 2023/24 in danger.