Siemens' Loescher says automation sector shows signs of bottoming out
From a news report in the Wall Street Journal, Siemens CEO Peter Loescher briefed analysts yesterday:
Loescher expects operating profit in Siemens' three core sectors of energy, industry and healthcare to come in above the EUR6.6 billion profit made in the previous fiscal year, he told an investor's conference, reiterating earlier guidance.
In its energy sector Siemens expects more new orders than sales in the second half of the fiscal year ending Sept. 30. The sector's transmission and distribution division market environment is weakening, according to a presentation he made at the JP Morgan Pan-European Capital Goods Conference in London.
Siemens industry sector's industry automation division shows signs of bottoming but no evidence of recovery yet. The drive technologies division follows the industry automation's performance with a delay of a quarter or two, Loescher said according to the presentation.