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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