Schneider Electric reports €5.8m revenue as COVID-19 impacts first-quarter sales drop
The French multinational electrical equipment firm reported declines in its revenues caused by the COVID-19 outbreak and the lockdown measures put in place to curb the spread.
Schneider Electric (EPA: SU) reported its first-quarter 2020 revenues were down by -6.4% organically and reached €5.830 million.
Across the Group in Q1, products were down -6.2%, largely due to the impact of the coronavirus in the Asia Pacific region, as the company said it expected.
“Today we are all facing a global health and economic crisis,” said Jean-Pascal Tricoire, Chairman and CEO, Schneider Electric.
“At this time, we are focused on the health of our employees and stakeholders while also performing our duty to keep essential services and critical infrastructure running across the world. As the situation evolves, we will be able to assess the full economic impact of this crisis and its consequences.
“At Schneider, we enter this crisis with solid fundamentals. We have a consistent strategy that is delivering resilience, efficiency and sustainability for customers in our four end-markets. We have built an integrated model and deployed an organization along two world-leading and synergetic businesses.”
The company suspended its detailed guidance in March and said it would update on this as the situation evolves.
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In addition, the company reported a total liquidity of around €9 billion and confirmed its dividend proposal.
Tricoire added that the company’s multi-local set up enables its country organisations to react to the crisis with speed and agility.
“We have developed digital services allowing unmanned and remote operations. We have maintained strong liquidity and balance sheet,” he added.
“We leverage our network of suppliers and partners to remain agile and come out strong. We started Q1 on a positive note across the world, with the exception of China that was impacted by the crisis.
“As we end the quarter, large parts of the world are in some form of lockdown while China starts its recovery path.
“As we navigate through the multiple lockdowns and put in place the necessary measures to weather the crisis, we also plan for the times ahead remaining very mindful of our mission and larger purpose with a view to prepare the future post-crisis.”
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