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Siemens says FQ2 "mixed," but shares +2.2% on company shakeup

Siemens (SI) +2.2% premarket after reporting what it calls a "mixed" FQ2 earnings performance, as net profit rose 11% Y/Y to €1.12B ($1.6B), citing its efficiency program and higher earnings from its infrastructure, health care and manufacturing equipment divisions.

But new orders fell 13% to €18.43B vs. the year-ago period which was boosted by large wind turbine and train contracts.

Revenues fell 1.9% because of unfavorable exchange rates and a lower volume of large orders.

Reaffirms FY 2014 guidance for an EPS increase of at least 15% from €5.08 last year and revenues of at least at FY 2013 levels (€75.9B).

Results "showed that we still have a lot to do to improve our operating performance," CEO Joe Kaeser says, and he's hoping the sweeping restructuring announced yesterday will do the job.

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