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Siemens speeds cost-cutting, beats Q2 profit forecasts

German industrial group Siemens beat expectations for second-quarter profit as it accelerated a cost-cutting program and lifted its savings target for the year on Wednesday.

An employee welds the shell frame of a train car at the Siemens Industry manufacturing facility in Sacramento, California.
David Paul Morris | Bloomberg | Getty Images
An employee welds the shell frame of a train car at the Siemens Industry manufacturing facility in Sacramento, California.

Siemens said it now expected savings of 850 to 950 million euros ($976 million to $1.09 billion) for its financial year to end-September, versus its previous target of 800 to 900 million.

The Munich-based trains-to-turbines group reiterated its full-year targets of an industrial profit margin of 10-11 percent and earnings per share of 6.00 to 6.40 euros.