By Giulia Petroni

Schneider Electric SE on Thursday reported a rise in revenue for the first quarter and upgraded its full-year targets as it said demand remains strong and supply-chain issues continue to ease.

The French group said revenue came in at 8.49 billion euros ($9.36 billion) from EUR7.57 billion, up around 16% organically on year. Performance was boosted by broad-based demand for software and digitization, as well as electrification, the company said.

For 2023, Schneider Electric expects adjusted earnings before interest, taxes and amortization of between 16% and 21% organically, from previous expectations of 12%-16%. The adjusted Ebita margin is seen at around 17.6%-17.9%.

Revenue growth is expected at 10% to 13% organically, from the previously forecast 9%-11%, the company said.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

April 27, 2023 02:09 ET (06:09 GMT)

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