2 Min Read
PARIS, April 24 (Reuters) - Electrical gear maker Schneider Electric reported a 7.7 percent rise in first-quarter sales on Thursday, as business in Western Europe improved sequentially and continued to grow in the double digits in emerging markets.
Quarterly sales rose to 5.67 billion euros ($7.84 billion), up 2.5 percent on an organic basis.
The group, whose products help utilities distribute electricity and which makes automation systems for the car and water treatment industries, confirmed its full-year targets.
It expects adverse currency effects to cut 900 million to 1 billion euros off sales and 0.4 percentage points off earnings growth this year, with most of the impact concentrated in the first half.
The depreciation against the euro of several key currencies, mainly the US dollar, Australian dollar, Indian rupee, Brazilian real and Russian rouble cut 5.2 percentage points, or 268 million euros off sales growth in the quarter, Schneider said.
"Looking ahead, we will continue to focus on organic growth and efficiency to increase returns, while delivering strong cash", Chief Executive Jean-Pascal Tricoire said in a statement.
Reporting by Natalie Huet; Editing by Andrew Callus