German major Siemens said it was feeling the impact of a more difficult market environment in the third quarter.
Despite 10 per cent revenue growth, new orders were down 23 per cent. Revenue for the third quarter rose 10 per cent y-o-y to Euro 19.54 billion, with five percentage points coming from favourable currency translation effects. Net income was Euro 850 million (Euro 501 million).
Orders inflow was Euro 17.770 billion, 23 per cent below the year ago period, which included a Euro 3.7 billion order for trains in Germany and substantially higher volume from large orders in energy.
“The deceleration of the world economy has increased in the past few months. We see growing reluctance among our customers regarding capital expenditures and stronger economic headwinds, especially in our industrial short-cycle businesses,” said the Siemens CEO and President, Mr Peter Löscher.