By Pierre Bertrand

 

Schneider Electric sales fell on Thursday after the French energy-management and automation group posted third-quarter revenue that was largely flat on year, missing expectations.

At 0728 GMT, shares were down 2.5% at EUR136.48, having fallen by as much as 4% earlier in the session.

The company said it made 8.79 billion euros ($9.29 billion) in revenue for the quarter, a 0.1% reported on-year increase. Analysts had expected revenue at EUR8.93 billion, according to a company-provided consensus.

Schneider backed its 2023 outlook, which Berenberg analyst Philip Buller said could be seen as a positive on one hand but "leads to a wide range of outcomes" for the fourth quarter.

The company's scheduled capital markets day next month will likely serve as an important catalyst for prospective buyers, the analyst said.

Following the sales print, Citi sees limited changes ahead to consensus for the year, analyst Martin Wilkie wrote in a research note.

"With the sales mix shifting clearly to systems from products and price carryover fading, there could be questions on margins in H2 and sustainability in 2024," he said.

 

Write to Pierre Bertrand at pierre.bertrand@wsj.com

 

(END) Dow Jones Newswires

October 26, 2023 04:01 ET (08:01 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
Schneider Electric (EU:SU)
Historical Stock Chart
From Jan 2024 to Feb 2024 Click Here for more Schneider Electric Charts.
Schneider Electric (EU:SU)
Historical Stock Chart
From Feb 2023 to Feb 2024 Click Here for more Schneider Electric Charts.