Schneider Electric Shares Fall After Flat 3Q Sales
26 Oktober 2023 - 10:16AM
Dow Jones News
By Pierre Bertrand
Schneider Electric sales fell on Thursday after the French
energy-management and automation group posted third-quarter revenue
that was largely flat on year, missing expectations.
At 0728 GMT, shares were down 2.5% at EUR136.48, having fallen
by as much as 4% earlier in the session.
The company said it made 8.79 billion euros ($9.29 billion) in
revenue for the quarter, a 0.1% reported on-year increase. Analysts
had expected revenue at EUR8.93 billion, according to a
company-provided consensus.
Schneider backed its 2023 outlook, which Berenberg analyst
Philip Buller said could be seen as a positive on one hand but
"leads to a wide range of outcomes" for the fourth quarter.
The company's scheduled capital markets day next month will
likely serve as an important catalyst for prospective buyers, the
analyst said.
Following the sales print, Citi sees limited changes ahead to
consensus for the year, analyst Martin Wilkie wrote in a research
note.
"With the sales mix shifting clearly to systems from products
and price carryover fading, there could be questions on margins in
H2 and sustainability in 2024," he said.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
October 26, 2023 04:01 ET (08:01 GMT)
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