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SU Schneider Electric SE

1.82 (1.19%)
Last Updated: 15:09:04
Delayed by 15 minutes

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Share Name Share Symbol Market Type
Schneider Electric SE EU:SU Euronext Ordinary Share
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  1.82 1.19% 154.74 154.72 154.76 156.28 152.78 153.28 402,155 15:09:04

Schneider Electric 2022 Earnings Rose on Strong Demand -- 2nd Update

16/02/2023 2:44pm

Dow Jones News

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By Pierre Bertrand


Schneider Electric SE reported an increase in full-year earnings Thursday amid an easing of supply-chain constraints and strong demand for electrification and decarbonization.

The French energy-management company achieved 3.48 billion euros ($3.72 billion) in 2022 net profit compared with EUR3.20 billion in 2021 on revenue that grew 12% organically to EUR34.18 billion.

The result compares with expectations of net profit of EUR3.52 billion and revenue of EUR33.63 billion, according to a company-provided consensus.

Adjusted earnings before interest, taxes and amortization exceeded analysts' expectations, amounting to EUR6.02 billion, a 14% organic rise compared with 2021.

Analysts had expected Schneider Electric to post EUR5.95 billion in adjusted Ebita, according to the consensus.

The Paris-based company said its result was driven by dynamic demand in all of its four end-markets, which were supported by customers focusing on electrification, digitization and sustainability. That said, consumer-linked segments including residential buildings and distributed IT remained weak as softening demand trends seen in the third quarter carried over.

That weakness is expected to continue and normalize to more usual levels in 2023 compared with the pandemic-related highs registered in 2020 and 2021, Chief Executive Jean-Pascal Tricoire said.

"On the other hand, what we see is a continuous traction for everything we do, electrification and digitization, on the vast majority of our business where all the plans of retrofit, energy transition [and] energy efficiency are really being developed and executed as we go forward," Mr. Tricoire said.

The company noted it saw a degree of destocking in the fourth quarter in its industry end-market, though demand stayed high.

The progressive easing of supply-chains constraints supported growth at the company's energy-management, industrial-automation and discreet-automation segments, Schneider said.

The company said that it expects supply constraints to ease further in 2023.

"We are going to be back in 2023 to a normal way of managing supply chains and we expect some deceleration of inflationary pressure after an exceptional year with some pockets of inflation expected to remain," Mr. Tricoire said, adding that an improving supply environment should also support stronger underlying industrial productivity.

Schneider Electric said currency effects in 2023 are estimated to drag revenue by a range of EUR600 million to EUR700 million, while scope impact is estimated to hit revenue by around EUR750 million.

The company said it would propose a dividend of EUR3.15 a share compared with EUR2.90 for 2021.

Schneider Electric said it is targeting organic adjusted Ebita growth of between 12% and 16% in 2023 and expects organic revenue growth of 9% to 11%, with an Ebita margin of around 17.4% to 17.7%.


Write to Pierre Bertrand at pierre.bertrand@wsj.com


(END) Dow Jones Newswires

February 16, 2023 09:29 ET (14:29 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.

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