Schaeffler off to a good start in 2024

Revenue of 4.1 billion euros at constant-currency and EBIT margin before special items of 7.9 percent at prior-year level

Free cash flow before cash in- and outflows for M&A activities at -166 million euros due to seasonal factors (prior year: -73 million euros)

Automotive Technologies reports growth, Vehicle Lifetime Solutions generates best quarterly earnings, Bearings & Industrial Solutions revenue declines

Full-year guidance for 2024 confirmed

Integration of Vitesco Technologies Group Aktiengesellschaft well on track

Schaeffler AG published its results for the first quarter of 2024 today. Revenue for the first three months was 4,085 million euros and thus remained approximately flat with prior year at constant currency (4,152 million euros). Revenue declines at the expanded and renamed Bearings & Industrial Solutions division were offset by growth at the Automotive Technologies division as well as at the Vehicle Lifetime Solutions division, the Automotive aftermarket business.

The Automotive Technologies division, which is shown for the first time without the Bearings business division (BD) that was transferred to the Bearings & Industrial Solutions (previously Industrial) division effective January 1, 2024, reported slight constant-currency revenue growth of 0.8 percent. This growth was primarily due to higher volumes from the ramp-up of projects in the E-Mobility and Chassis Systems BDs. The Vehicle Lifetime Solutions (previously Automotive Aftermarket) division increased its revenue by 8.6 percent at constant currency, while the Bearings & Industrial Solutions division reported a market-related constant-currency decline in revenue of 4.1 percent.

At group level, revenue in the Europe region fell by 0.4 percent at constant currency. The Americas region achieved constant-currency revenue growth of 4.2 percent, while revenue in the Greater China and Asia/Pacific regions was 3.6 percent and 0.5 percent below the prior year’s figures at constant currency.

The Schaeffler 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 Aktiengesellschaft (“Vitesco”) 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.”