By Ian Walker

 

Schneider Electric SE on Tuesday reported a 12% rise in first-quarter revenue as it benefited from continued demand in its business and markets, and raised its full-year profit target.

The French energy-management group now expects adjusted earnings before interest, taxes and amortization to grow between 14% and 20% organically. This compares with previous guidance of 9% to 15% growth.

Revenue for the year is expected to grow between 8% and 11% organically, Schneider said.

The company generated revenue of 6.53 billion euros ($7.89 billion) for the quarter ended March 31 compared with EUR5.83 billion a year earlier and a consensus of EUR6.17 billion, taken from the company's website and based on 16 analysts' forecasts.

On an organic basis, revenue rose 14%.

"The uncertainty surrounding the rest of 2021 remains, with recent uptick of Covid-19 contagion in specific countries, and potential global supply-chain pressures," Chairman and Chief Executive Jean-Pascal Tricoire said.

However, the board raised full-year guidance to reflect the strong underlying demand trends witnessed in the first quarter.

 

Write to Ian Walker at ian.walker@wsj.com

 

(END) Dow Jones Newswires

April 27, 2021 01:44 ET (05:44 GMT)

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