Schaeffler's H1 revenues grow marginally y/y to $8.2 billion

Aug 9, 2019   Tier Suppliers

Having issued preliminary figures for the second quarter on July 29, 2019, global automotive and industrial supplier Schaeffler has presented its interim report for the first half of 2019.

The Schaeffler Group’s revenue amounts to €7.226 million (prior year: €7.193 million) at mid-year. At constant currency, revenue decreased slightly, declining by 0.8% during the period, and dropping by 2% in the second quarter. This trend was driven by declining revenue in both Automotive divisions that was only partially offset by revenue growth in the Industrial division. Of the four regions, the Americas and Asia/Pacific regions contributed constant currency revenue growth of 8.5% and 1.6%, respectively, while revenue declined by 5% and 3.3% in the Greater China and Europe regions, respectively.

The Schaeffler Group generated earnings before financial result, income (loss) from equity-method investees, and income taxes (EBIT) of €483 million (prior year: €773 million) in the first six months. These earnings were affected by special items for the reporting period of €73 million, largely consisting of €55 million in restructuring expenses related to the efficiency programme RACE in the Automotive OEM division. As a result, EBIT before special items amounted to €556 million (prior year: €794 million). This represents an EBIT margin before special items of 7.7% (prior year: 11.0%). The decrease compared to the prior year was primarily attributable to the decrease in gross margin. The margin trend was also hampered by higher selling and administrative expenses. The EBIT margin before special items improved from 7.5% in the first quarter to 7.9% in the second quarter.

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