Schneider Electric 1Q Revenue Fell, Hit by Pandemic
23 Avril 2020 - 08:00AM
Dow Jones News
By Cristina Roca
Schneider Electric SE (SU.FR) said Thursday its first-quarter
revenue fell due to the coronavirus pandemic and that its
second-quarter results will also take a significant hit, but that
it is confident it can capitalize on the trends emerging from the
crisis.
The French energy-management group posted revenue of 5.83
billion euros ($6.32 billion) for the first quarter, down 7.6%
year-on-year. Organically, revenue declined 6.4%.
The result was broadly in line with analysts' forecasts of
EUR5.85 billion, according to a consensus estimate provided by
FactSet.
Schneider Electric said it started the quarter positively around
the world except in China, which was hit by the new coronavirus
first. By the end of the quarter, however, large parts of the world
were under some form of lockdown, and given that this is still the
situation, the company expects the second quarter to be
significantly hit by the pandemic, it said.
"Post-crisis, Schneider Electric is expected to be able to
capture an acceleration in megatrends driven by government
initiatives (all electric, all digital, renewables), a step up in
investment in some of its core end-markets (data center,
infrastructure, smart buildings, software/industry IIOT),"
Schneider Electric said.
Schneider Electric also said Thursday that it has agreed to buy
ProLeiT. The acquisition of the German company will enhance the
group's offering in the consumer packaged goods segment, Schneider
Electric said. The deal is expected to close in the coming
months.
Write to Cristina Roca at cristina.roca@dowjones.com;
@_cristinaroca
(END) Dow Jones Newswires
April 23, 2020 01:45 ET (05:45 GMT)
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