Schneider Electric Posts Lower Profit But Higher Revenue, Upgrades Guidance

By Nina Kienle

Schneider Electric posted lower net profit but higher revenue for the first half of 2024 and upgraded its guidance.

The French group said Wednesday that net profit for the first six months of the year fell to 1.88 billion euros ($2.03 billion) from EUR2.02 billion on year. Revenue amounted to EUR18.17 billion, up 3.1%.

Adjusted earnings before interest, taxes and amortization rose 6.6% to EUR3.38 billion.

Analysts saw net profit, revenue and adjusted Ebita at EUR2.09 billion, EUR18.11 billion and EUR3.24 billion, respectively, according to consensus estimates provided by the company.

"We are uniquely positioned and continue to invest into materializing on the megatrends of digitization & AI and energy transition," Chief Executive Peter Herweck said.

For the full year, the company upgraded its estimates, now expecting adjusted Ebita growth between 9% and 13% organically compared with previous guidance of 8% to 12%. Schneider Electric still targets organic revenue growth between 6% and 8%, it said.

Write to Nina Kienle at nina.kienle@wsj.com

(END) Dow Jones Newswires

July 31, 2024 02:07 ET (06:07 GMT)

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