Schneider Electric's third-quarter sales rise 7%
PARIS--French electrical equipment maker Schneider Electric SA (SU.FR) on Wednesday said its revenue rose during the third quarter, boosted by recently acquired Invensys, though sales at its other operations in North America, Western Europe and Asia-Pacific improved.
The company said revenue rose 7% to 6.29 billion euros ($7.99 billion). Excluding the effects of currency swings and asset transactions, sales rose 1.6% during the quarter, up from 0.6% in the first half.
Chief Financial Officer Emmanuel Babeau said the company registered revenue increases in most of its main businesses except for its infrastructure division, as utilities in Europe cut spending. The macroeconomic environment is still complicated, he added.
Schneider Electric has seen demand for its products and services plummet in Western Europe as a result of the economic slowdown and investment cuts by power utilities. While sales in Western Europe rose for the first time since 2011, the company's business in Asia-Pacific region was strong despite a slowdown in China.
The weakening of the Russian ruble and other currencies against the dollar cost Schneider Electric EUR81 million during the quarter, but given recent exchange rates, Mr. Babeau expects currency swings to have a positive effect for the company in the second half of the year.