A raft of poor earnings reports from automation providers this week marked the last vestige of a quarter most would probably like to forget.
France-based Schneider Electric today revealed slumping second-quarter results, as the economic vise that has squeezed technology purchases across many markets took its toll on the automation and electrical technology specialist.
Sales in Q2 were down more than 15% to €3.93 billion. The company’s earnings, reported for the first six months of the year, fell 42% to €791 million, compared with €1.36 billion in the prior-year second quarter.
The biggest loser in the quarter was Schneider’s Automation & Control division, which posted €1.04 billion in sales, 24% off the prior-year period.