MUNICH, Germany, Feb 1 (Reuters) - Top European engineering group Siemens said it expected increasing headwinds in economic growth and investment sentiment, in response to comments from analysts that its raised full-year outlook still looked conservative.
The German company on Tuesday night increased its industrial profit margin forecast to 11-12 percent for the year to end-September from previously 10.5-11.5 percent, after reporting a margin of 13 percent for its fiscal first quarter.
"We are rather cautious in front of the backdrop of potential volatility also on interest rates," Chief Financial Officer Ralf Thomas told analysts on a call ahead of Siemens' annual shareholder meeting.
He said momentum from operations was the driving force behind the first-quarter beat.
(Reporting by Georgina Prodhan; Editing by Victoria Bryan)