RUEIL-MALMAISON (dpa-AFX) - French energy management firm Schneider Electric (SBGSF.PK) reported Friday that its first-half net income (Group share) grew 101 percent to 1.56 billion euros from last year's 775 million euros.
Adjusted net income (Group share) was 1.62 billion euros, compared to 995 billion euros last year. Adjusted earnings per share was 2.92 euros, compared to 1.80 euros a year ago.
Adjusted EBITA climbed 50 percent to 2.36 billion euros.
Revenues were 13.77 billion euros, 19 percent higher than prior year's 11.58 billion euros. Organic revenue growth was 18.7 percent.
In the second quarter, revenues were 7.25 billion euros, up 26.2 percent on a reported basis and 23.9 percent organically.
Further, the company reopened its share buyback program in second half of fiscal 2021, based on the strength of its cash flows. In February 2019, the company had initiated a 1.5 billion euros to 2.0 billion euros share buyback program over three years.
Looking ahead, the company upgraded its target, and now expects fiscal 2021 adjusted EBITA growth of between 19 percent and 24 percent organic, higher than previously expected growth between 14 percent and +20 percent organic. The target would be achieved through a combination of organic revenue growth and margin improvement.
Revenue growth is now expected to be 11 percent to 13 percent organic, up from previously expected 8 percent to 11 percent organic. Adjusted EBITA margin is now expected to be up 120 basis points to 150 basis points organic, up from previously expected 90 basis points to 130 basis points organic.
This implies Adjusted EBITA margin of around 16.9 percent to 17.2 percent.
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