The World Going Electric Lifts Europe’s Industrial Behemoths
- Schneider joins rivals Siemens, ABB in forecasting 2021 growth
- ‘There’s going to be a massive shift’ to electricity, CEO says
A Schneider Electric SE charging station outside the United Nations climate summit in Paris.
Photographer: Christophe Morin/Bloomberg
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Schneider Electric SE forecast higher profit for this year after a better-than-expected annual result and joined European rivals in predicting growth linked to the world going electric.
Adjusted operating profit before amortization slipped to 3.93 billion euros ($4.77 billion) last year, ahead of analysts’ estimates, as demand for gear to power data centers and buildings helped blunt the impact of the coronavirus. The French company predicted earnings will jump as much as 15% this year.