By Nina Kienle

Schneider Electric third-quarter revenue rose to record levels on continued strength in energy management, beating market views.

The French energy-management and automation group on Wednesday said that its revenue for the three months through September rose to 9.31 billion euros ($10.07 billion) from 8.79 billion euros in the same period the prior year. Analysts had forecast 9.26 billion euros, according to consensus estimates provided by the company.

The result was a 5.9% increase on a reported basis and an 8.0% increase on an organic basis, the company said.

"Sales in 3Q are at record levels and were led by our Systems business reflecting particularly the strength of megatrends including Digitization & AI and the Energy," Chief Executive Peter Herweck said.

Schneider Electric saw double-digit organic sales growth in energy management, supported by continued dynamism in datacenter and infrastructure end-markets.

The results are consistent with peer reporting, as Switzerland's ABB continues to benefit from strength in the electrification business and raised its full-year guidance on a strong third-quarter performance. Siemens is expected to publish fourth-quarter figures on Nov. 14.

Industrial automation fell 6%, hurt by market weakness in discrete automation, it said.

All four regions contributed to growth. In North America revenue grew 16.9% on a reported basis. Western Europe grew 6.8%, the company said.

For 2024, the company backed its full year outlook, which it had upgraded in July. It continues to target adjusted earnings before interest, taxes, and amortization growth of between 9% to 13%, which it would achieve through a combination of organic revenue growth and margin improvement, it said.

Write to Nina Kienle at nina.kienle@wsj.com

(END) Dow Jones Newswires

October 30, 2024 03:13 ET (07:13 GMT)

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