Schneider Electric Raises Guidance After Solid 1st Half
25 July 2019 - 3:29PM
Dow Jones News
By Nathan Allen
Schneider Electric SE (SU.FR) raised its guidance Thursday after
reporting first-half earnings that outstripped expectations.
Net profit for the first six months of the year slipped to 993
million euros ($1.11 billion) from EUR1.02 billion a year earlier,
but was slightly ahead of an analyst consensus of EUR990 million
compiled by FactSet. Revenue rose to EUR13.20 billion from EUR12.32
billion.
Schneider Electric attributed the lower earnings to the loss
booked on the sale of surveillance-camera company Pelco. Adjusted
net income, which strips out one-off effects, rose 10% to EUR1.26
billion, the company said.
Following the strong results, Schneider now expects adjusted
earnings before interest, taxes and amortization to grow between 6%
and 8% in 2019, compared with an earlier estimate of between 4% and
7%.
Sales growth should be between 4% and 5%, rather than the
previous target of between 3% and 5%, Schneider said.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
July 25, 2019 01:14 ET (05:14 GMT)
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