Schneider Electric Backs 2023 Targets After Flat Third-Quarter Revenue
26 Octobre 2023 - 7:59AM
Dow Jones News
By Pierre Bertrand
Schneider Electric has backed its full-year outlook after
reporting flattish third-quarter revenue that was just shy of
analysts' expectations.
The French energy-management and automation group said it made
8.79 billion euros ($9.29 billion) in revenue during the
three-month period, compared with EUR8.78 billion a year ago.
The result is a 0.1% increase on a reported basis and an 11.5%
increase on an organic basis, the company said.
Analysts had expected EUR8.93 billion in revenue, according to a
company-provided consensus.
Schneider Electric said its results were supported by the
execution of its order backlog and reflected what it said was good
end-market demand.
The company took a EUR258 million hit mainly relating to the
disposal of its Russia operations, and smaller acquisitions and
disposals. It also experienced unfavorable currency-exchange
effects.
In North America, which represents 35% of the group's sales,
revenue grew 6.5% on a reported basis. Western Europe, which
comprises 23% of quarterly revenue, grew 3.7% in the period, the
company said.
Schneider warned of signs of weaker demand for discrete
automation in China and Western Europe in the fourth quarter, but
still backed its 2023 targets.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
October 26, 2023 01:44 ET (05:44 GMT)
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