German industrial conglomerate Siemens said its order intake fell more than a fifth in its fiscal fourth quarter through September, indicating that recovery is not yet underway. Chief Financial Officer Joe Kaeser told a webcast investor event in London on Tuesday that orders in the current quarter were about on par with the previous quarter. Quarterly sales, however, were set to slide less than 10 percent, helped by a backlog of older orders, he added.
He reiterated an outlook for operating income of 6.6 billion euros ($9.6 billion) at its main Industry, Energy and Healthcare divisions in the fiscal full year. Parts of the company's industrial division, whose products include factory gear and high-speed trains, had seen demand bottom out but a recovery would not be expected before 2011, Kaeser said.