Posted to News on 8th Aug 2024, 12:00
Schaeffler grows in challenging market environment
Schaeffler has published its interim financial report for the first half of 2024. 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 per cent constant-currency increase in revenue was primarily attributable to higher volumes at the Vehicle Lifetime Solutions division.
(See Schaeffler at MachineBuilding.Live, 2 October 2024, on stand 22)
The Automotive Technologies division contributed slight growth as well. The trend at the Bearings and Industrial Solutions division had an offsetting impact. Revenue for the second quarter of 2024 rose by 4.2 per cent at constant currency to 4,191 million euros (prior year: 4,056 million euros).
The 1.5 per cent 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 per cent 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 and Industrial Solutions division reported a 3.9 per cent 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 per cent), Americas (5.7 per cent), and Asia/Pacific (1.1 per cent) regions reported constant-currency revenue growth, Greater China region revenue for the same period declined by 1.7 per cent at constant currency.
"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," said Klaus Rosenfeld, CEO of Schaeffler. "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 and Industrial Solutions.
"The integration of Vitesco is on track. In light of the challenging environment, we continue to rely on diversification and resilience."
