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.
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.