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Thursday, April 28, 2011

Deutsche Boerse raises cost savings outlook

Exchange operator Deutsche Boerse (DB1Gn.DE) on Thursday raised its outlook for cost savings as first-quarter operating profit and sales beat expectations. Earnings before interest and taxes (EBIT) came in at 316.3 million euros ($469.3 million), beating the most optimistic expectation of 308 million euros in a Reuters poll of 12 analysts. "Our progress since we announced our efficiency measures in the first quarter of 2010 has exceeded expectations," Chief Financial Officer Gregor Pottmeyer said in a statement. Deutsche Boerse said it now sees 2011 operating costs at 890 million euros, 4 percent lower than it previously anticipated.