Schneider Electric Posts Rise In 2014 Profit

Schneider Electric SA SBGSY reported a 2.8% gain in its net profit for 2014. Its net profit climbed 2.8% to EUR1.94 billion from EUR1.89 billion, while profit, excluding currency effects, jumped 11%. Schneider Electric's sales for the year climbed 6.6% to 24.94 billion euros ($28.43 billion). Fourth quarter revenue gained 2.5% on an organic basis to €6,954 million. Buildings & Partner revenue climbed 2.7% organically in the fourth quarter, while Industry revenue gained 1.8% organically. Infrastructure revenue rose 0.3% organically in the quarter, while IT revenue surged 6.5% organically. Adjusted earnings before interest, taxes, and amortization climbed 3.2% to 3.46 billion euros. For 2015, the company projected EBITDA margin of 14% to 14.5%. Jean-Pascal Tricoire, Chairman and CEO said, "We achieve our targets while facing a turbulent environment in 2014. Our revenues grow 7%, 1.4 % organically and margin expands by 0.4pt at constant FX, on current scope. While early cycle businesses drive revenues up, IT returns to growth and Infrastructure shows signs of improvement at the end of the year. Our balanced geographic footprint also proves to be a key strength as new economies and mature countries supplement each other's growth over the year." Schneider Electric shares rose 1.20% to close at $15.96 yesterday.