Schneider Electric has lifted its annual targets for the second time this year, after a steady flow of data centre orders boosted third-quarter sales.

The French engineering group said on Friday that it is aiming for organic growth of 18% to 21% in adjusted earnings before interest, taxes, amortisation and depreciation this year, up from the previously raised target of 14% to 19% set in July.

Schneider Electric raised its full-year expectations for organic revenue growth and profitability, with organic revenue growth now projected at 12% to 14%. The company expects the adjusted EBITA margin to expand by 1 percentage point to 120 basis points on an organic basis.

The company expects data centre demand to remain strong in the fourth quarter; for the full year, sustained pricing momentum will offset the impact of rising raw material costs and tariffs.

Like other electrical equipment suppliers, Schneider Electric has benefited from the surge in demand for data centre products driven by artificial intelligence (AI), and has begun channelling this windfall back into deal activity.

Earlier this month, the company struck a US$22.6 billion deal to acquire US industrial software developer PTC; last month it launched a US$1.35 billion takeover offer for smart device maker Shelly Group; and in June it agreed to acquire AI software provider Cognite Holding for US$3.1 billion.

Data centre demand more than doubled last quarter and helped drive Schneider Electric's revenue to what the company described as a record high for a single quarter.

The company said third-quarter revenue was €11.46 billion (US$12.86 billion), up 18% from the same period a year earlier. On an organic basis, revenue rose 17%, the company said. This performance came in above the average estimate of analysts surveyed, who had expected revenue of €11.13 billion and organic growth of 14%.