Schaeffler Reports Stable Start to 2024 Amid Market Challenges

Schaeffler AG presented its first-quarter results for 2024 on May 7, disclosing a consistent performance compared to the previous year. The quarter's revenue remained flat at 4.1 billion euros. The Automotive Technologies and Vehicle Lifetime Solutions divisions saw growth, while Bearings & Industrial Solutions witnessed a decline. Schaeffler has also kept its full-year guidance for 2024 unchanged.

The Automotive Technologies sector noted a slight revenue increase of 0.8 percent, attributable to ramped up E-Mobility and Chassis Systems projects, despite a global dip in automobile production. On the other hand, Vehicle Lifetime Solutions grew by 8.6 percent, capitalizing on strong volumes and favorable market conditions. However, the renamed Bearings & Industrial Solutions division reported a decrease in revenue by 4.1 percent.

Despite these mixed divisional performances, the overall EBIT margin before special items stood at 7.9 percent. Schaeffler's net income saw a significant rise by 79.7 percent, driven by special items such as a change in inventory valuation, reaching 231 million euros. Additionally, the completion of Vitesco Technologies Group's integration is progressing well, promising to stabilize the company's future market positioning.