By Nathan Allen 
 

Schneider Electric SE (SU.FR) said Thursday that revenue rose in the first quarter, driven by strong growth at its energy-management business.

The French electrical-equipment and automation provider said revenue rose to 6.31 billion euros ($7.13 billion) from EUR5.80 billion a year earlier, outstripping a FactSet-compiled consensus of EUR6.17 billion.

Schneider's energy-management unit posted organic growth of 7.1%, driven by double-digit growth in the U.S., while its industrial-automation grew by 2.3%.

At the group level, growth in Asia-Pacific slowed to 6.8% from 14% in the same period last year, largely a result of the weaker Chinese economy.

Deputy Chief Executive Emmanuel Babeau said he still sees China as a growth market for the company, despite the slowdown. Demand from original equipment manufacturers has been hit by trade tensions with the U.S., while construction markets remain positive for now but are likely to soften in coming quarters, he said.

Currency fluctuations in Schneider's favor contributed around EUR116 million to revenue in the quarter, primarily due to the strengthening of the dollar against the euro, while acquisitions added EUR44 million to the top line, the company said.

The group confirmed its guidance for earnings before interest and amortization to grow between 4% and 7% in 2019.

 

Write to Nathan Allen at nathan.allen@dowjones.com

 

(END) Dow Jones Newswires

April 18, 2019 02:25 ET (06:25 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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