Siemens speeds cost-cutting, beats Q2 profit forecasts
[FRANKFURT] German industrial group Siemens beat expectations for second-quarter profit as it accelerated a cost-cutting programme and lifted its savings target for the year on Wednesday.
Siemens said it now expected savings of 850 to 950 million euros (S$1.32 billion to S$1.48 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 per cent and earnings per share of 6.00 to 6.40 euros.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Nomura, Mizuho face losses on All Blue fund’s failed trades
Stablecoin Tether steps up monitoring in bid to combat illicit finance
HSBC asked by US$890 billion investor group to set energy goal
Barclays is the latest firm to face anti-ESG wrath in Oklahoma
Barclays prices mortgage-backed notes in deal with GoldenTree
TD risks an earnings hit from US laundering probe, analysts say