Schneider Electric announced on the 24th of October its third quarter revenues for the period ending September 30, 2019. The company 2019 reported the revenues for Q3 at €6,646 million, up +3.1% organically and up +4.2% on a reported basis.
Jean-Pascal Tricoire, Chairman and CEO at Schneider Electric said “We confirm good growth in the quarter amidst an uncertain macroeconomic environment and a high base of comparison. As expected, Energy Management continues to grow strongly. In Industrial Automation, Discrete end markets remain challenging while the outlook for Process markets remain positively orientated. While both the geopolitical backdrop and market environment remain volatile, the Group continues to execute on its strategic priorities of more products, more services, more software and better systems across our two synergetic businesses. We confirm our full year 2019 objective and reiterate our ambition to expand the operating margin by c.200bps at constant FX by 2021.”
Schneider’s product business grew by low-single digit organic in Q3 (+3% YTD) benefiting from offers for Residential & Small buildings, as well as offers for Commercial & Industrial Buildings (CIB), leveraging the Group’s multi-local approach and unrivalled partner network. Offers for discrete industrial markets continued to decline as expected.
While, the systems buisness (projects and equipment) grew low-single digit organic in Q3 (+6% YTD) from a challenging base of comparison. Energy Management systems saw solid growth across end markets. Process Automation systems also contributed to growth though systems sold to discrete end markets continued to weigh on performance. The Group continues to focus on ensuring profitable growth in systems.
