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Schneider expects €300M revenue hit in Q1 due to coronavirus

Schneider Electric SE reported a nearly 6% rise in its 2019 revenues, but said it was looking at a €300 million hit to revenues in the first quarter of 2020 due to factory closures in connection with the coronavirus outbreak.

The impact, which would be felt mainly in China, is expected to be "almost entirely compensated" in the second half of 2020, the company said.

For 2020, Schneider expects organic revenue growth in the range of 1% to 3% and an adjusted EBITA margin between 16.0% and 16.3%.

The group reported full-year 2019 net income of €2.41 billion, up 3.4% from €2.33 billion in the previous year. Adjusted net income rose 14% year over year to €2.93 billion, while adjusted EPS climbed 15% to €5.32 from €4.64.

Reported revenue increased 5.6% and organic revenue rose 4.2% to €27.16 billion. Fourth-quarter 2019 revenues were €7.31 billion, up 3.0% organically and 4.0% on a reported basis.

In reporting results, Schneider proposed a dividend of €2.55 per share, which reflects an 8.5% increase versus 2018's dividend.