French electrical equipment group Schneider Electric SE raised its 2020 revenue and margin forecasts on Thursday, citing a better-than-expected third quarter helped by pent-up demand and distributors restocking.
Schneider, whose products range from electrical car chargers to industrial robotics, now expects revenue to fall 5%-7% this year, compared with a slide of 7%-10% it forecast in July, lifting it above a company-provided analysts’ consensus forecast.
The company also upgraded its full-year core profit margin target to 15.1%-15.4% from 14.5%-15.0% previously, and confirmed its aim to increase this to around 17% by 2022.
