Schneider Electric Third-Quarter Revenue Falls On Currencies
October 27 2016 - 3:04AM
Dow Jones News
By Inti Landauro
PARIS--France's Schneider Electric SA (SU.FR), one of the
world's biggest suppliers of power equipment and services, Thursday
said swings in currencies and the impact of recent asset sales
dragged third-quarter revenue lower.
The company said revenue fell 8% to 6.06 billion euros ($6.61
billion) in the three months to end-September from the same period
a year ago. Analysts polled by FactSet expected revenues worth
EUR6.18 billion.
Schneider Electric attributed the decline mainly to the EUR144
million impact of the depreciation in the Chinese yuan and the
British pound and a EUR283 million revenue loss related to the sale
of its Juno Lighting and Telvent Transportation units.
Schneider Electric kept its target for flat full-year revenue,
excluding a likely EUR800 million hit to sales from unfavorable
exchange rates.
The company, which didn't release third-quarter profit figures,
did report a 13% rise in net profit in the first half of the year,
an improvement attributed to cost-cutting and efficiency chasing by
Chief Executive Jean-Pascal Tricoire. The company didn't give any
guidance for 2016 net profit.
Write to Inti Landauro at inti.landauro@wsj.com
(END) Dow Jones Newswires
October 27, 2016 02:49 ET (06:49 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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