Joe Kaeser, CEO of Germany-based Siemens, believes geopolitical turbulence may prevent customers from spending money on projects, limiting the amount of orders and revenue the engineering company brings in, reported Bloomberg.
While he listed numerous market concerns such as the rise of populism, migration, climate change and the impact of the 'Internet of Things', his biggest concern was the "geopolitical environment, which gives a lot of uncertainty to our customers about investing into the future," Mr. Kaeser said in a Bloomberg TV interview on Saturday. "If people don't invest into new manufacturing, renewable energy, new healthcare technology — these are our revenues and our bookings."
Although Mr. Kaeser raised Siemens' earnings forecast twice this year, he takes on a more cautious tone for the next fiscal year starting Oct. 1, expecting earnings of $7.26 to $7.48 a share.
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