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31.07.2009

Schneider Electric 1st Half Ebita Drops 36%; Confirms Fiscal Year Target

PARIS -(Dow Jones)- French electrical equipment maker Schneider Electric SA (SU.FR) Friday posted a 36% drop in first-half earnings before interest, tax and amortization, or Ebita, but confirmed its guidance for the full year on signs of a bottoming out in industrial markets.

PARIS -(Dow Jones)- French electrical equipment maker Schneider Electric SA (SU.FR) Friday posted a 36% drop in first-half earnings before interest, tax and amortization, or Ebita, but confirmed its guidance for the full year on signs of a bottoming out in industrial markets.

Schneider confirmed it expects to post for the full year of 2009 an adjusted Ebita of 12% before restructuring costs.

Schneider also said it expects its organic growth in the second half to be in line with that of the first half.

In an advertisement posted in newspapers, Schneider Electric said cost savings are above what it expected but didn't elaborate.

The group plans to realize around EUR450 million in cost cutting in 2009 out of the EUR1.6 billion planned by 2011.

Ebita stood in the first half at EUR903 million from EUR1.41 billion, beating an average forecast of EUR708 million, while revenue dropped 13% to EUR7.75 billion from EUR8.95 billion, below an average forecast of EUR7.9 billion.

Company Web site: www.schneider-electric.com

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