By Ed Frankl 
 

Schneider Electric SE said Wednesday that third-quarter revenue rose.

The French engineering company said revenue in the three months to the end of September was 7.22 billion euros ($8.37 billion), a rise of 11.8% compared with the same quarter of 2020 on a reported basis and 8.8% on an organic basis.

In the nine-month January to September period, sales were EUR21.00 billion, up 7% on an organic basis compared with the same period of 2019, the company said.

Global supply-chain pressures, including shortages in electronics, hit third-quarter revenue, particularly in its industrial automation business, Schneider said. The pressures are unlikely to abate for at least another two to three quarters, it added.

The Paris-based company said it also expects to continue to face increased input costs in relation to raw materials, freight and the sourcing of electronic components.

However, Schneider confirmed its full-year target of adjusted earnings before interest, taxes, and amortization growth of between 19% and 24%, despite the logistical pressures.

The company added that it had completed around EUR260 million of its share-buyback program since its reinstatement in July, and around EUR600 million cumulatively to date.

 

Write to Ed Frankl at edward.frankl@dowjones.com

 

(END) Dow Jones Newswires

October 27, 2021 02:10 ET (06:10 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
Schneider Electric (EU:SU)
Historical Stock Chart
From Nov 2021 to Dec 2021 Click Here for more Schneider Electric Charts.
Schneider Electric (EU:SU)
Historical Stock Chart
From Dec 2020 to Dec 2021 Click Here for more Schneider Electric Charts.