Schaeffler reports net profit of 231 million euros, up 80 percent in Q1 2024

Schaeffler AG published its results for the first quarter of 2024 today. The Group generated 322 million euros (prior year: 335 million euros) in EBIT before special items in the first three months, representing an EBIT margin before special items of 7.9 percent (prior year: 8.1 percent).

The slight decline in EBIT margin before special items in the first quarter of 2024 was partly due to the impact of accounting for the 38.9 percent investment in Vitesco Technologies Group under the equity method for the first time.

Earnings for the reporting period were favorably affected by special items of 93 million euros net that relate mainly to a change in accounting estimate regarding the valuation of groupwide inventories. Including special items, EBIT amounted to 415 million euros (prior year: 244 million euros), which represents an increase of 70.3 percent compared to the prior year.

Net income attributable to shareholders of the parent company, which totaled 231 million euros for the first quarter of 2024, improved considerably as well, increasing by 79.7 percent (prior year: 128 million euros).

Klaus Rosenfeld, CEO of Schaeffler AG: “The Schaeffler Group is off to a good start in 2024 despite the challenging environment. Our broad positioning remains a guarantee of success. The earnings of the Automotive Technologies and Vehicle Lifetime Solutions divisions successfully compensated for the market-related decline in the industrial business. We are confirming our full-year guidance unchanged.”