Schneider Electric goes up 1.4%, now trading at EUR 156.86 after the French automation and software group delivers strong sales growth figures.

Additionally, Schneider Electric announces that current CEO of British software group Aveva Peter Herweck is to succeed Jean-Pascal Tricoire as chief executive of Schneider Electric.

The appointment follows Schneider Electric’s recent acquisition of Aveva for a price of GBP 9.5bn.

Tricoire’s stepping down comes as no surprise, but it might nonetheless spark disgruntlement with investors, estimates Citigroup according to Dow Jones Newswires.

The group reported 16% organic sales growth in the fourth quarter, thereby outperforming analyst projections of 10%, writes Bloomberg News.

Energy Management is a main propellant of the strong result, delivering organic growth of 17.5% against consensus of 10.4%.

All totaled, quarterly revenue came in at EUR 9.32bn against the expected EUR 8.91bn.

Adjusted EBITA margins for the whole year increased to 17.6%, up from 17.3%, thereby slightly outperforming analyst prognosis of 17.5%.

Schneider Electric expects organic revenue growth of 9-11% in 2023, which is a little under 2022 performance of 12.2%, but exceeding analyst consensus of 4.1%.

Adjusted EBITA margins for this year are expected to land somewhere between 17.4-17.7%, which is lower than the analyst consensus of 17.8%.