Schneider Electric registers successful results in Q3 2018

/ Financial News / Sunday, 28 October 2018 06:38

Once again, Schneider Electric revised slightly upward its forecast of activity and operational performance for this year, after confirming fast growth in sales in the third quarter on all its activities.

The specialist group for energy equipment and solutions is now targeting a turnover and an operational performance at the top end of the bracket which was already noted at the end of July.

According to Schneider Electric, this optimism reflects “the strong sales performance in the third quarter” and “the continued growth expected in the fourth quarter”, including as always, a favorable environment in North America, Asia-Pacific or the Middle East thanks to the improved energy prices.

In details, the group is now targeting an organic growth of its EBITDA between 8 and 9%, against a previous range of between 7 and 9% and an organic growth of its turnover “close to 6%”, while it expected it to reach between +5 and + 6% so far.

Between July and September, its turnover rose 8% to 6.37 billion euros (+ 7.2% organic), in line with the expectations of consensus analysts made by FactSet.

“Both our core businesses of Energy Management and Industrial Automation deliver, with customers combining technologies of our portfolio in efficiency solutions architected around EcoStruxure”, explained Jean-Pascal Tricoire, group CEO.

The group also benefited from the integration of the British industrial software specialist Aveva, the acquisition of French IGE + XAO in energy management, and the American Asco Power, which IGE + offset the unfavorable impact of the euro growth against several currencies.

Schneider also announced that it could accelerate its share buyback program of about 1 billion euros.

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