France's Schneider Electric SE (SU.FR) said Thursday that first-quarter revenue fell slightly after being dragged by currency fluctuations, and that it now targets the upper half of its 2018 organic growth objective.
Revenue for the period was 5.80 billion euros ($7.18 billion), down from EUR5.84 billion a year earlier. On an organic basis, the company said revenue was up 6.2%, propped by both its energy-management and industrial-automation units.
Schneider said the currency hit amounted to EUR453 million, due mainly to the weakening of the U.S. dollar, the Chinese yuan and several other currencies against the euro. Acquisitions, on the other hand, contributed EUR88 million to revenue, including the one-month consolidation of Aveva Group PLC (AVV.LN) in its results.
Schneider confirmed its objectives for the year, saying it is focusing on delivering the upper half of its 3% to 5% organic top-line growth target.
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