Company lowers guidance for digital industries business
Sees weakening demand in China
Orders decline in all regions as customer buying normalises

ZURICH, Aug 10 Reuters Siemens missed profit forecasts in its latest quarter, the German engineering company reported on Thursday, noting weakening demand in several markets including China.

The trainstofactoryautomation manufacturer said China, long a driver for global manufacturing and its third largest market, had seen only a tepid recovery after its zeroCOVID shutdown last year.

Siemens said it was now seeing a normalisation of demand after customers prebought last year to avoid shortages. Orders increased by 10 during the three months to the end of June, down from the 13 increase in the previous three months.

Customers globally were running down their stocks of components, Siemens added, a trend expected to continue in the next few quarters.

In Q3 the normalisation of demand was clearly visible in orders at our shortcycle businesses, most notably in China, but also in Europe, CEO Roland Busch told reporters.

Recovery in Chinas manufacturing sector has been slower than anticipated, he added. As a result, we expect the trend to stay flat.

For the three months to the end of June, Siemens39; industrial profit covering its mobility, smart infrastructure and factory automation businesses fell 4 to 2.75 billion euros 3.02 billion, missing the 2.90 billion euro expected by analysts in a companycompiled consensus….