Schneider Electric 1st Half Profit Fell; Guidance Reinstated
29 Luglio 2020 - 8:29AM
Dow Jones News
By Giulia Petroni
Schneider Electric SE said Wednesday that net profit fell in the
first half of the year and re-established its full-year
targets.
The French energy-management group's net profit in the period
ended June 30 came in at 775 million euros ($908 million), down
from EUR993 million in the previous-year period.
Revenues decreased 10.5% organically on year to EUR11.58
billion.
Schneider Electric said it reinstated guidance for the full year
and now expects revenue to fall between 7% to 10% organically, and
adjusted earnings before interest, taxes and amortization margin to
fall by between 50 basis points and 90bps organically.
Goals for the medium term were reiterated, with organic revenue
growth of between 3% to 6% on average, adjusted Ebita margin at
around 17% by 2022, and free cash flow around EUR3 billion on
average.
It also re-established its share buyback program but said it
will continue to act consciously as it expects uncertainties to
continue in the second half of the year.
The company said it remains committed to its portfolio
optimization for disposals of revenue of between EUR1.5 billion to
EUR2 billion. The timeline, however, will likely be delayed by one
year due to the current crisis.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
July 29, 2020 02:14 ET (06:14 GMT)
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