Schneider Electric: Moderate growth and optimistic outlook for Q1 2024

French electrical equipment and industrial automation group Schneider Electric reported sales growth of 1.3% in the first quarter of 2024, reaching a record 8.6 billion euros.
Schneider Electric résultats T1 2024

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Schneider Electric’s growth was particularly noteworthy in the energy management sector, which saw an increase of 5.8%, thanks to good results in North America and Western Europe. This performance offsets a decline in industrial automation, mainly due to persistent weakness in the manufacturing market.

General manager’s comments

Schneider CEO Peter Herweck reported that the year had begun with strong demand in most sectors and regions, particularly in data centers and infrastructure. Despite weak demand in the manufacturing sector, he remains optimistic for a recovery in the second half of 2024.

Forecasts and targets for 2024

The Group confirmed its objectives for the year, targeting organic growth in adjusted Ebita of between 8% and 12%, and organic sales growth of 6% to 8%. A significant contribution is expected in the second half, notably with an anticipated recovery in the manufacturing sector and notable expansion in India, the Middle East and Africa.

Sector and geographic impact

In the residential building market, sales remained stable, with some weakness in certain regions of Western Europe. Schneider also benefits from its exposure to non-residential technical buildings, recording good momentum in the hotel and healthcare sectors, and capitalizing on renovation trends for energy efficiency.

With record sales in the first quarter and a robust order book, Schneider Electric looks forward to 2024 with confidence. The Group is leveraging its strengths in energy and digital transition to drive future growth and meet market challenges.

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