Revenues up +12% organic. Full Year 2022 Target confirmed
Jean-Pascal Tricoire, Chairman and CEO commented:
“We deliver strong growth in Q3, with revenues up +12% organic, and balanced between our two synergetic businesses and our four regions. We see double-digit growth in our Products and Systems revenues. We complement this strong momentum by our incremental growth drivers of Services, Software and Sustainability, with particularly strong dynamics in Energy Management software and Sustainability. As expected, we continue to navigate tightness in global supply chains particularly linked with the supply of electronic components. Our Q3 revenues are notably impacted by the exit of our business in Russia.
We make strong progress in our disposal program of €1.5-€2.0 billion of revenues, reaching today a total of €1.5 billion, as we announce the disposal of our industrial sensors business and some other smaller non-strategic assets. Outside of this target, we also confirm the completion of the transfer of Schneider Electric Russia to the local management team, with Q3 being the final quarter we will consolidate those results. We announced in Q3 our intention to acquire the minority shareholding in AVEVA. This proposed transaction, though not compulsory, presents an opportunity to accelerate the growth of our software strategy, provide one data-hub and a fast track to the Enterprise Metaverse. We remain committed to the completion of our existing share buyback program, which we expect to complete in the coming months.
Despite an uncertain economic backdrop, demand for our products and solutions remains strong, though moderating from high levels in consumer-linked segments, as expected. We see strong demand in digitization and electrification everywhere, and particular momentum in areas of our portfolio associated with the energy transition in mature economies, and renewed momentum in resource-driven economies supportive of the later-cycle segments we serve. We confirm our 2022 full year target”.
The replay of the webcast is available here