France's Schneider Electric SE (SU.FR) said Thursday it has raised its 2017 objectives, following what it called "good momentum" in the third quarter.
Schneider now expects organic revenue growth of around 4% for 2017, excluding its infrastructure division, compared with an earlier prediction of a 1%-3% rise. The company also expects its organic adjusted margin on earnings before interest, taxes and amortization to improve by 50-70 basis points, compared with an earlier forecast of a 20-50 basis points improvement.
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Revenue at the power-equipment supplier was 5.9 billion euros ($6.95 billion) for the quarter, down from EUR6.1 billion a year earlier on a reported basis, but 2.7% higher on an organic basis, which excludes acquisitions. Schneider agreed to buy a majority stake in U.K. software company Aveva Group PLC (AVV.LN) in the quarter.
The figure compares with a consensus provided by FactSet of EUR6.03 billion.
Revenue from the Asia-Pacific region, which accounted for around 29% of total quarterly revenue, grew by 5% on the year, driven by a double-digit rise in China across all business segments, the company said.
Schneider also said that depreciation in the U.S. dollar and the Chinese yuan reduced total revenues by around EUR206 million, while acquisitions had a negative impact of around EUR59 million.
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(END) Dow Jones Newswires
October 26, 2017 02:29 ET (06:29 GMT)