By Ed Frankl 
 

Schneider Electric SE said Thursday that 2021 profit and revenue beat expectations amid strong demand.

The French engineering company said net profit in the year was 3.20 billion euros ($3.64 billion), up from EUR2.13 billion in 2020.

The Paris-based company said it delivered record revenue that rose 12.7% organically to EUR28.91 billion.

The results topped expectations for net profit of EUR2.99 billion and revenue of EUR28.73 billion, according to analysts' views provided by the company.

Adjusted earnings before interest, taxes and amortization, a key measure for the company, came in at EUR4.99 billion, up 23.2% organically, despite added costs from raw-material inflation and pressures on global supply chains, the company said.

However, free cash flow fell to EUR2.80 billion from EUR3.67 billion a year earlier, hit by the buildup of inventories to satisfy high levels of customer demand that will continue into 2022, Schneider said.

The company also set a 2022 target of organic adjusted Ebita growth of between 9% and 13%. It anticipates that organic revenue growth of 7% to 9%, and that its organic Ebita margin will climb 30 to 60 basis points.

Schneider proposed a dividend of EUR2.90 a share for its shareholders' meeting in May.

 

Write to Ed Frankl at edward.frankl@dowjones.com

 

(END) Dow Jones Newswires

February 17, 2022 01:46 ET (06:46 GMT)

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