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Schneider Electric 2Q Sales Climb 18.5%

Schneider Electric, Rueil-Malmaison, France, reported sales for the second quarter were €4.66 billion (US$6.14 billion), an increase of 18.5 percent over the same period a year ago. Organically, sales grew 10.2 percent.

For the first six months, sales for the global energy management company were €8.57 billion (US$11.3 billion), an increase of 10.5 percent over the first half of 2009. Organically, sales grew 6.4 percent. Profit was €735 million (US$968.5 million), compared to year-ago profit of €346.

"Our businesses gained traction in the past months. We benefited clearly from our diversified end-market exposure, with the industrial market and data-centers the first to rebound," said Jean-Pascal Tricoire, president and CEO. "Robust momentum in the new economies continued with double-digit growth. And we captured new market opportunities, notably in the fields of energy efficiency and renewable energy."

Second-quarter Power sales (56 percent of Group sales) increased 5.8 percent on a like-for-like basis. All regions grew with Asia-Pacific well ahead and Western Europe and North America progressing.

Industry (20 percent of Group) sales growth accelerated in Q2, up 27.1 percent like-for-like versus same period last year. Business continued to benefit from the global recovery of end-market demand, especially with the OEMs, and investment in infrastructure in new economies, amplified by some anticipated customer orders to mitigate certain components shortage.

IT (14 percent of Group) sales were up 10 percent compared to prior year quarter. Eastern Europe, led by Russia, saw the biggest rebound in Q2.

Buildings (8 percent of Group) business was also back to growth with organic sales up 2.4 percent year-on-year. Improving demand for security products in new economies offset somewhat the on-going weakness in construction related activities.

CST (2 percent of Group) sales, up 30.2 percent, like-for-like from a record low Q2 last year, were lifted by the strong recovery of demand from automotive and truck customers, but also the global rebound of general industrial demand, which is now the primary end-market of this business.

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