Schneider Electric Backs 2023 Targets After Flat Third-Quarter Revenue

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 [e-mail]

(END) Dow Jones Newswires

October 26, 2023 01:44 ET (05:44 GMT)

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