Schaeffler (SHA0) Q1 2024 earnings summary

Executive summary

• Q1 revenue was €4,085m, flat at constant currency and down 1.6% reported YoY; EBIT margin before special items was 7.9% versus 8.1%.

• Growth in Automotive Technologies and Vehicle Lifetime Solutions offset the decline in Bearings & Industrial Solutions.

• FY2024 guidance was confirmed, with Vitesco merger integration preparations on schedule.

Financial highlights

• Revenue was €4,085m; EBIT before special items was €322m versus €335m, while reported EBIT was €415m versus €244m.

• Gross profit rose to €1,086m from €959m; gross margin was 26.6% versus 23.1%, including a €117m inventory valuation gain.

• Net income attributable to shareholders rose to €231m from €128m; EPS increased to €0.35 from €0.19.

• Free cash flow before M&A was -€166m versus -€73m; Q1 capex was €222m versus €221m.

Outlook and guidance

• FY2024 guidance was confirmed: considerable constant-currency revenue growth, EBIT margin before special items of 6–9%, and free cash flow before M&A of €300–400m.

• Guidance includes Vitesco equity accounting through Q3 and expected full consolidation in Q4, subject to merger completion and registration.