BERLIN (dpa-AFX) - Schaeffler AG (SCFLF.OB), on Tuesday, reported strong Q1 profit and confirmed financial guidance for the full year 2024.
Net income attributable to shareholders of the parent company surged by 79.7 percent to 231 million euros in the first quarter of 2024 from the previous year's 128 million euros.
Net income before special items amounted to 155 million euros versus 195 million euros reported in the prior year period. Earnings per common non-voting share were 0.35 euros versus 0.19 euros last year, representing an increase of 84.2 percent.
Revenue for the first three months slightly declined to 4,085 million euros from 4,152 million euros generated a year ago.
The company stated that 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 Schaeffler Group continues to expect considerable revenue growth at constant currency in 2024. Also, the company expects to generate an EBIT margin before special items of 6% - 9% in 2024 and continues to anticipate free cash flow before cash in- and outflows for M&A activities of 300 million - 400 million euros.
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