By Pierre Bertrand

 

Schneider Electric SE on Thursday backed its 2022 targets as its third-quarter revenue increased, beating analysts expectations.

The French energy management and automation group said revenue rose to 8.78 billion euros ($8.86 billion) compared with EUR7.22 billion for the same period a year prior.

It is a near 22% rise on a reported basis and a 12% increase on an organic basis, the company said.

Analysts had expected EUR8.47 billion in third-quarter revenue, according to a company-provided consensus estimate.

Schneider Electric said the three months ended Sept. 30 was marked by a continued easing of supply-chain bottlenecks, adding that pressure remained on electronic components.

The company said that third-quarter revenue was affected by its exit from Russia, adding that it completed the transfer of Schneider Electric Russia to the local management team.

The company confirmed its 2022 target of achieving organic adjusted earnings before interest, taxes and amortization growth of between 11% and 15% through revenue growth of between 9% to 11%.

 

Write to Pierre Bertrand at pierre.bertrand@wsj.com

 

(END) Dow Jones Newswires

October 27, 2022 01:55 ET (05:55 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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