Schneider Electric Upgrades 2023 Targets, Reports Higher 1st Half Earnings

By Pierre Bertrand

Schneider Electric upgraded its 2023 targets and reported higher first-half earnings Thursday supported by strong demand and high growth.

The French digital energy-management and automation company said it is targeting organic adjusted earnings before interest, taxes and amortization growth of between 18% and 23% for 2023, up from between 16% and 21% previously, and 2023 organic revenue growth of 11% to 13%, up from 10% to 13% previously.

The company said its new targets imply an adjusted Ebita margin of around 17.7% to 18.0%, up from around 17.6% to 17.9% previously.

Schneider Electric said it made 2.02 billion euros ($2.24 billion) in net profit for the six months period, compared with EUR1.52 billion a year prior, on revenue that grew 9.7% to EUR17.63 billion.

Schneider Electric's adjusted Ebita grew 14% to EUR3.17 billion.

"We continue to grow our backlog, reflective of strong demand trends primarily linked to Electrification in the New Energy Landscape and Artificial Intelligence driving increased traction for Data Centers," Chief Executive Peter Herweck said.

Write to Pierre Bertrand at [e-mail]

(END) Dow Jones Newswires

July 27, 2023 01:44 ET (05:44 GMT)

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