| Abstract: | The company’s push to build out a broad-scale energy management portfolio is paying dividends. |
| Keywords: | Schneider acquisitions, Schneider revenue |
Sitting in the sweet spot of automation control and energy management, Schneider Electric reported double-digit growth in its second quarter, which helped fuel a strong financial performance for the first half of 2008.
In the second quarter ended June 30, 2008, sales totaled €4.6 billion, up 11.6% on a constant structure and exchange rate basis.
In the first half of 2008, the company reported a 17% jump in net income to €851 million, from the €729 million it earned in the year-earlier period. Earnings per share reached €3.56, up from €3.16 in the first half of 2007. Meanwhile, first-half sales hit €8.9 billion, up 10.6% on a constant structure and exchange rate basis.
Acquisitions contributed €360 million to the top line in the first half, or 4.4% of sales growth, mainly from the APC and Pelco deals. Schneider Electric’s APC-MGE power-backup business unit reported a 60% increase in EBITA to $249 million. The unit’s two main business lines, Home & Distributed and Enterprise Systems & Services, recorded 11% and 15% organic sales growth, respectively. And just nine months after its integration into Schneider Electric, Pelco, a maker of video security, improved its EBITA by more than 50% to $48 million, the company said. However, the divestiture of MGE’s small systems business reduced sales by €90 million.
Acquisitions have been a strategic part of the Schneider Electric build-out, as it positions itself as a global specialist in energy management.
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