October 24, 2019 / 6:58 AM / a month ago

UPDATE 1-Schneider Electric Q3 revenue tops, reaffirms FY sales target

(Adds CFO’s comments on China and Brexit, background)

Oct 24 (Reuters) - Schneider Electric on Thursday posted an organic revenue growth of 3.1% in its third quarter, underpinned by strong performances in its energy management segment.

The company, which markets products ranging from electrical car chargers and lighting control to transformers and software, said its third-quarter revenue came in at 6.64 billion euros ($7.39 billion), above a company-compiled consensus of 6.61 billion euros.

“We confirm good growth in the quarter amid an uncertain macroeconomic environment and a high base of comparison,” Chairman and Chief Executive Officer Jean-Pascal Tricoire said in a statement.

The group, active in the production and distribution of electrical components and automation systems, said it expects China to remain a growing market although construction end-markets could soften, affected by trade tensions with the United States.

“We are flagging a risk that we have not seen materializing so far but we see that as a possible scenario for the coming quarters,” the company’s Deputy CEO and CFO Emmanuel Babeau said in a call with Reuters.

“If you want a clear sign of tension and uncertainty in Q3, you have to look at the UK where we’ve been moving quite clearly on negative territories,” he added.

The results in the UK were down in the energy management and the industrial automation segments. “People expect to have more visibility on what is going to happen before taking any new large investment,” Babeau commented.

Schneider Electric, which has a history of raising its outlook several times a year, reaffirmed its annual organic sales growth by 4%-5%.

$1 = 0.8981 euros Reported by Camille Raynaud, additional reporting by Elena Smirnova, Editing by Sherry Jacob-Phillips

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