Schneider Electric shows drop in Q1 sales
Schneider Electric has posted a smaller-than-expected quarterly revenue decline, citing the significant impact from the COVID-19 pandemic as global shutdowns to curb the fast-spreading virus take effect.
The French electrical equipment group, which markets products ranging from electrical car chargers and lighting control to transformers and production software, reported a first-quarter revenue of 5.83 billion euros ($6.30 billion), down 6.4% organically, slightly lower than analysts’ expectations of a 7.2% decline.
The Paris-based company’s China division reported the largest fall in revenue, but started to recover towards the end of the quarter, while sales dropped across Asia-Pacific by 19.3% as other countries entered partial or complete lockdown.
Source: Reuters
Photo (for illustrative purposes): Head office Schneider Electric / Schneider Electric / Wikimedia / CC BY-SA 3.0
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