May 8, 2020 / 6:57 AM / a month ago

Siemens sees sales decline of up to 5% for 2020 financial year

FILE PHOTO: Siemens Chief Financial Officer Ralf Thomas attends a news conference ahead of the company's annual shareholders meeting in Munich, Germany, January 30, 2019. REUTERS/Michael Dalder

ZURICH (Reuters) - Siemens (SIEGn.DE) Chief Financial Officer Ralf Thomas said the moderate sales decline expected by the German industrial company for its 2020 business year would mean a decline of up to 5%.

“From today’s perspective, the third quarter is going to have a further decline, in the double digit range for the short cycle business,” Thomas said on Friday.

“Some of the key industries like automotive, machine building and aerospace are severely hit by the coronavirus. It would not be a good idea to say how long it will last,” he told reporters.

Reporting by John Revill; editing by Thomas Seythal

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