Siemens Says Does Not Expect To Attain 2014 Margin Target - Quick Facts

(RTTNews) - German industrial conglomerate Siemens AG (SI) said Thursday that it no longer expects to achieve a total sectors profit margin of at least 12 percent by fiscal 2014, citing lower market expectations.

The profit margin target was part of the company's objective in the Siemens 2014 company program that was announced in November 2012. The program had targeted total sectors profit margin of at least 12 percent by 2014 and also aimed for productivity gains of 6 billion euros over the coming two years.

However, Siemens added that the measures for optimizing the portfolio and reducing costs are largely on track. The company will report third-quarter earnings results on August 1, 2013.