Schaeffler reports slight revenue growth for the first half of 2024

Schaeffler AG published its interim financial report for the first half of 2024 today. The Schaeffler Group’s revenue for the first six months amounted to 8,276 million euros (prior year: 8,208 million euros). The 2.0 percent constant-currency increase in revenue was primarily attributable to higher volumes at the Vehicle Lifetime Solutions division.

The Automotive Technologies division contributed slight growth as well. The trend at the Bearings & Industrial Solutions division had an offsetting impact. Revenue for the second quarter of 2024 rose by 4.2 percent at constant currency to 4,191 million euros (prior year: 4,056 million euros).

The 1.5 percent constant-currency growth at the Automotive Technologies division in the first six months was mainly attributable to higher volumes of the E-Mobility business division (BD) in the Europe and Americas regions. The constant-currency rise in revenue of 17.6 percent at the Vehicle Lifetime Solutions division resulted particularly from the impact of volumes in the Independent Aftermarket business in the Europe and Americas regions. The Bearings & Industrial Solutions division reported a 3.9 percent constant-currency decline in revenue in the first half of 2024, largely due to the impact of volumes at the Industrial Automation sector cluster in the Europe region as well as the impact of volumes at the Wind sector cluster in the Greater China region.

Trends at the Schaeffler Group’s regions were mixed in the first six months. While the Europe (2.2 percent), Americas (5.7 percent), and Asia/Pacific (1.1 percent) regions reported constant-currency revenue growth, Greater China region revenue for the same period declined by 1.7 percent at constant currency.

The Schaeffler Group generated 525 million euros (prior year: 624 million euros) in EBIT before special items in the first six months, representing an EBIT margin before special items of 6.3 percent (prior year: 7.6 percent). The decrease in EBIT margin before special items was due in particular to the performance of the Bearings & Industrial Solutions division as well as the income (loss) from equity-accounted investee Vitesco Technologies Group AG (Vitesco).

“The Schaeffler Group once again performed well in a challenging market environment and increased its revenue in the transition year of the merger with Vitesco. The Automotive Technologies division reported double-digit growth rates at the E-Mobility business division, and the Vehicle Lifetime Solutions division made a strong contribution to group earnings in its most successful six months ever, partly offsetting the decline in revenue and earnings at Bearings & Industrial Solutions. The integration of Vitesco is on track. In light of the challenging environment, we continue to rely on diversification and resilience,” said Klaus Rosenfeld, CEO of Schaeffler AG.