Siemens cautions about tougher 2020 after beating fourth-quarter forecasts

Siemens cautions about tougher 2020 after beating fourth-quarter forecasts
FILE PHOTO: The logo of German industrial group Siemens is seen in Zurich, Switzerland, January 30, 2019. REUTERS/Arnd Wiegmann/File Photo -
Arnd Wiegmann(Reuters)
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Munich, GERMANY (Reuters) – Siemens <SIEGn.DE> expects a weakening in the global economy over the next 12 months, the German industrial company said on Thursday, adding it expected a decline in the market for its short-cycle products for the automotive and machinery industries.

The trains to turbines maker made the gloomy prognosis as it beat expectations for industrial operating profit during its fourth quarter.

Industrial operating profit rose by 20% to 2.64 billion euros ($2.92 billion)in the three months to the end of September, due to a significant increase in large orders. The figure beat analyst expectations for 2.33 billion euros.

(Reporting by John Revill; Editing by Michelle Martin)

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