Schneider Electric Posts Record Profit for 2017 -- Update
15 Febbraio 2018 - 10:29AM
Dow Jones News
Adds information on acquisitions and quote from Deputy CEO
By Nathan Allen
Schneider Electric SE (SU.FR) said Thursday that it posted a
record net profit in 2017, driven by accelerating sales and
increases in productivity as well as efficiency.
Net profit at the French supplier of electrical equipment rose
23% to 2.15 billion euros ($2.66 billion) in 2017, from EUR1.75
billion in 2016, the company said.
A consensus compiled by FactSet had pegged net income at EUR2.12
billion
Revenue was EUR24.74 billion, compared with a restated figure of
EUR24.46 billion a year earlier, and narrowly missing a
FactSet-compiled consensus of EUR24.78 billion.
Fourth-quarter revenue fell slightly to EUR6.67 billion, due in
part to a EUR341-million foreign-exchange hit, which offset the
positive impact of acquisitions, Schneider said.
Acquisitions and disposals contributed around EUR16 million to
quarterly revenue, driven mainly by the consolidation of Asco Power
Technologies, which Schneider took over in July, according to the
company's annual results statement.
Deputy Chief Executive Emmanuel Babeau said Schneider is
unlikely to pursue further large acquisitions in 2018, as it has
largely filled a gap in its software-development capacity through
the reverse takeover of Aveva Group PLC (AVV.LN) and the
acquisition of French developer IGE + XAO SA (IGE.FR).
Mr. Babeau also said that the company isn't considering
divesting or spinning off any of its business units at present.
"The lesson from last year is the strength of our integrated
portfolio," he said in an interview.
Analysts have suggested that the company could sell off its
medium-voltage division, which has fairly low margins, or spin off
its more profitable automation and low-voltage units.
Schneider's board will propose a dividend of EUR2.20 a share, up
8% on year.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
February 15, 2018 04:14 ET (09:14 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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