Schaeffler AG published its results for the first quarter of 2024. The reported revenue for the first three months was EUR 4,085 million, roughly unchanged from the previous year.
The decline in revenue of the Bearings & Industrial Solutions Division was offset by growth in the Automotive Technologies Division and the Vehicle Lifetime Solutions Division, the automotive aftermarket business. The Automotive Technologies Division, for the first time without the Bearings Division – which was transferred to the Bearings & Industrial Solutions Division (formerly Industrial) effective 1 January, 2024 – reported a slight growth in revenue of 0.8 per cent.
This growth is mainly due to increased volumes from the start of projects in BD E-Mobility and Chassis Systems. The Schaeffler Group generated EUR 322 million in these first three months. Revenues for the period under review were positively impacted by extraordinary transactions of EUR 93 million net, which mainly relate to a change in accounting estimates concerning the valuation of inventories on a Group-wide basis. Including extraordinary transactions, EBIT amounted to EUR 415 million, which represents an increase of 70.3 per cent year-on-year. The net profit attributable to parent company shareholders of EUR 231 million for the first quarter of 2024 also improved considerably by 79.7 per cent (previous year: EUR 128 million).
Klaus Rosenfeld, CEO of Schaeffler AG, says: ‘A good start 2024 for the Schaeffler Group, despite the challenging environment. Our diversified positioning remains a guarantee for success. Revenues in the Automotive Technologies and Vehicle Lifetime Solutions Divisions successfully offset the market decline in the industrial sector. We confirm our Guidance for the full year without change.’