Schneider Raises Guidance After 'Good Momentum' in Third Quarter
26 Ottobre 2017 - 8:44AM
Dow Jones News
By Nathan Allen
France's Schneider Electric SE (SU.FR) said Thursday it has
raised its 2017 objectives, following what it called "good
momentum" in the third quarter.
Schneider now expects organic revenue growth of around 4% for
2017, excluding its infrastructure division, compared with an
earlier prediction of a 1%-3% rise. The company also expects its
organic adjusted margin on earnings before interest, taxes and
amortization to improve by 50-70 basis points, compared with an
earlier forecast of a 20-50 basis points improvement.
Revenue at the power-equipment supplier was 5.9 billion euros
($6.95 billion) for the quarter, down from EUR6.1 billion a year
earlier on a reported basis, but 2.7% higher on an organic basis,
which excludes acquisitions. Schneider agreed to buy a majority
stake in U.K. software company Aveva Group PLC (AVV.LN) in the
quarter.
The figure compares with a consensus provided by FactSet of
EUR6.03 billion.
Revenue from the Asia-Pacific region, which accounted for around
29% of total quarterly revenue, grew by 5% on the year, driven by a
double-digit rise in China across all business segments, the
company said.
Schneider also said that depreciation in the U.S. dollar and the
Chinese yuan reduced total revenues by around EUR206 million, while
acquisitions had a negative impact of around EUR59 million.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
October 26, 2017 02:29 ET (06:29 GMT)
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