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Siemens CFO: 2012 Targets Will Be More Difficult to Attain

Siemens CFO: 2012 Targets Will Be More Difficult to Attain

The chief financial officer of German engineering company Siemens AG told Reuters during a recent interview that a number of factors will make it harder for the corporation to reach its 2012 financial goals.

CFO Joe Kaeser cited consumer concerns over the euro zone debt crisis and pricing pressures across a number of Siemens' businesses would be the leading obstacles in 2012.

Still, Kaeser said the targets, which were set in November, will stay where they are.

"2012 targets remain in place," Kaeser told the news source. "The environment has not materially worsened (but) there has been less margin for error in order for us to meet our assumptions that we gave out in November."

The company's head of corporate finance added that revenue growth would most likely come in at the low end of the projected 3 to 5 percent in 2012, while profit growth is anticipated to be flat, according to Reuters.

Despite this caution, Siemens recently landed a $638 million loan from the U.S. Export-Import Bank to finance the sale of steam and gas turbines to Saudi Arabia, Bloomberg reported. 

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