RUEIL-MALMAISON (dpa-AFX) - Schneider Electric (SBGSF.PK) reported that its revenues for the first-quarter were 5.83 billion euros, down 7.6% on a reported basis, and down 6.4% organically, largely due to Covid-19 impact.
Products were down 6.2% organically, largely due to Covid-19 impact in Asia Pacific. Commercial & Industrial Buildings (CIB) was down while offers for Residential & Small Buildings showed a slightly better performance.
Systems decreased by 13.1% organically, reflecting the high base of comparison in the first-quarter 2019 coupled with impact of Covid-19 and commodity market volatility, impacting both businesses.
The Group had suspended its guidance for 2020, as a consequence of the global Covid-19 crisis.
The Group expects the second-quarter 2020 and the first-half of 2020 to be significantly impacted.
The Group remains confident in its across-cycle growth profile and its journey towards 17% Adjusted EBITA margin.
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