Schneider Electric 1Q Revenue Fell Slightly on Currency Headwinds
19 Aprile 2018 - 07:59AM
Dow Jones News
By Alberto Delclaux
France's Schneider Electric SE (SU.FR) said Thursday that
first-quarter revenue fell slightly after being dragged by currency
fluctuations, and that it now targets the upper half of its 2018
organic growth objective.
Revenue for the period was 5.80 billion euros ($7.18 billion),
down from EUR5.84 billion a year earlier. On an organic basis, the
company said revenue was up 6.2%, propped by both its
energy-management and industrial-automation units.
Schneider said the currency hit amounted to EUR453 million, due
mainly to the weakening of the U.S. dollar, the Chinese yuan and
several other currencies against the euro. Acquisitions, on the
other hand, contributed EUR88 million to revenue, including the
one-month consolidation of Aveva Group PLC (AVV.LN) in its
results.
Schneider confirmed its objectives for the year, saying it is
focusing on delivering the upper half of its 3% to 5% organic
top-line growth target.
Write to Alberto Delclaux at alberto.delclaux@dowjones.com
(END) Dow Jones Newswires
April 19, 2018 01:44 ET (05:44 GMT)
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