Additional plans for Europe and the US will also be announced this year, the company said in a statement. Development spending will go up by an additional EUR500 million.
Siemens is profiting from a strategic revamp toward efficiency-boosting, software-driven product lines with higher profit margins. The company also known for making high-speed trains raised its outlook twice in fiscal 2023 as revenues and orders grew in its main businesses while the company still sat on a record order backlog of EUR105 billion in May.
Its digital industries division, which focuses on labour-saving factory automation devices, is expected to deliver a profit margin of as much as 23.5% in the fiscal year through September. Its smart infrastructure unit also raised guidance. The unit helps industrial customers reduce their carbon footprint with a combination of hardware and software offerings.
