Schneider Electric Reports Robust First Quarter 2024 Revenues

Schneider Electric, a global leader in energy management and automation, announced a strong start to 2024 with first quarter revenues reaching €8.6 billion, marking a 5.3% organic growth. The company highlighted significant growth in its Energy Management sector, driven by robust demand in North America and other regions, which saw an 8.9% increase organically. However, the Industrial Automation sector experienced a 6.6% decrease due to weak market demand in Discrete automation.

Peter Herweck, CEO of Schneider, emphasized the strong performance across multiple geographies and business sectors, particularly in Data Centers and Infrastructure. Despite challenges in the Discrete automation sector, the company remains optimistic about recovery in the second half of the year. Sustainability efforts also continued to progress, contributing to the company's overall strategic achievements.

The financial performance also reflected positive impacts from the emphasis on Systems & Services, which showed double-digit growth. However, Software & Services experienced mixed results, with certain areas showing contraction. Geographically, significant revenue contributions came from strategic markets such as China and India, wherein both regions experienced considerable growth across the company's business segments.