Schneider Electric First-Half Profit and Revenue Grew

   By Ed Frankl 
 

Schneider Electric SE on Friday posted higher first-half net profit, revenue that topped pre-pandemic levels and raised its full-year targets.

The French energy company said net income was 1.56 billion euros ($1.85 billion) compared with EUR775 million in the same period of the previous year, as its energy-management and industrial-automation units posted strong year-on-year growth.

Revenue came in at EUR13.78 billion, up from EUR11.58 billion in the first half of 2020, and around 6% higher than in the first half of 2019, before the pandemic.

Adjusted earnings before interest, taxes and amortization came in at EUR2.36 billion in the six months to the end of June, up from EUR1.58 billion.

The company upgraded its targets for 2021 adjusted Ebita growth to 19%-24% from 14%-20%.

This would be achieved through revenue growth of 11%-13%, up from previous targets of 8%-11% and a higher Ebita margin than previously forecast.

Schneider said it would reinstate its existing EUR1.5 billion to EUR2.0 billion share-buyback program, to be completed by 2022.

Despite a "record financial performance" in the first half, for the rest of the year the company "will face the impact of rising costs of raw materials and other inputs, along with continued tightness in global supply chains" as it looks to satisfy strong levels of demand, Chief Executive Jean-Pascal Tricoire said.

Write to Ed Frankl at [e-mail]

(END) Dow Jones Newswires

July 30, 2021 02:43 ET (06:43 GMT)

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