Schneider Electric 1Q Revenue Rose on Energy-Management Gains -- Update
18 Abril 2019 - 03:40AM
Dow Jones News
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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