Schneider Electric blamed deteriorating global markets for its gloomy fiscal first-quarter results Thursday, as it revealed a double-digit decline in sales and a renewed push to cut costs and strengthen its position as an energy management specialist.
The French automation provider reported revenue of €3.8 billion, an 11.3% decline from sales of €4.3 billion in the year-earlier period, based on a current structure and exchange rate basis.
Schneider did not reveal its earnings for the quarter.