April 23, 2020 / 5:31 AM / a month ago

Schneider Electric flags shutdown impact as Q1 sales drop

April 23 (Reuters) - Schneider Electric on Thursday posted a smaller-than-expected quarterly revenue decline, but expects a further 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.

$1 = 0.9249 euros Reporting by Sarah Morland in Gdansk, Editing by Sherry Jacob-Phillips

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