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Schneider Electric: Record profits and 2023 target raised

Schneider Electric announces record profits and an 18% margin in the first half, leading to an increase in its financial target for 2023. The company also recorded sales growth of 15.3%, underlining its strong position in energy management and industrial automation.

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Schneider Electric, a manufacturer focused on energy transition, announced two billion euros in profits and a “record” margin for the first half of the year on Thursday, and decided to raise its financial target for 2023, confident in an order book that continues to grow.

Schneider Electric reports 18% margin and record first-half profitability

The global energy management and industrial automation giant posted an adjusted Ebita margin (equivalent to operating profit but excluding depreciation and amortization) of 18%, “mainly due to gross margin performance offsetting inflation and investment”, the group explained in a statement. Welcoming “an excellent first half-year”, the Group’s new CEO, Peter Herweck, who takes up his post in May 2023, underlined “a record for the company” and the profitability of its activities.

Schneider Electric manufactures energy-saving electrical equipment. The company is also developing software to optimize electricity consumption in buildings.

First-half sales up 15.3

The company posted first-half sales of 17.633 billion euros, with organic growth of 15.3%. Energy management sales amounted to 2.824 billion euros, while industrial automation sales rose to 758 million euros. Adjusted earnings rose by +13% to 2.042 billion euros. First-half adjusted Ebita reached 3.174 billion euros (+28.8% organic growth).

Buoyed by its results and confident in an “order book (that) continues to grow, reflecting strong demand trends mainly linked to electrification in the field of new energies and artificial intelligence”, Schneider has raised its financial target for 2023 for the second time, announced Peter Herweck.

The company thus forecasts organic growth in adjusted Ebita of “between +18% and +23%” in 2023, compared with between +16% and +21% to date. This target had already been raised when the first-quarter results were published.

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