Schaeffler FY23 Profit Down, Maintains Dividend; Sees Considerable Revenue Growth In FY24

(RTTNews) - Schaeffler AG (SCFLF.OB), a German manufacturer of rolling element bearings, reported Tuesday that its fiscal 2023 net income attributable to shareholders of the parent company amounted to 310 million euros, down from last year's 557 million euros.

The decline mainly reflected special items primarily attributable to the proposed acquisition of Vitesco Technologies Group AG.

Adjusted net income amounted to 623 million euros, compared to prior year's 610 million euros.

Earnings before financial result and income taxes or EBIT was 834 million euros, down from prior year's 974 million euros.

Adjusted EBIT amounted to 1.19 billion euros, compared to 1.05 billion euros a year ago. Adjusted EBIT margin before special items was 7.3 percent, up from 6.6 percent last year, mainly due to the favorable impact of volumes and sales prices.

Schaeffler revenue grew to 16.3 billion euros from prior year's 15.8 billion euros. Revenues went up 5.8 percent at constant currency, mainly attributable to increased volumes. Sales prices had an additional favorable impact on revenue.

Further, Schaeffler proposed a dividend payment of 0.45 euros per common non-voting share, same as last year.

The company also announced that the dividend payout ratio will be raised to 40 to 60 percent of adjusted net income attributable from previous 30 to 50 percent going forward.

Looking ahead for 2024, reflecting the planned merger with Vitesco Technologies, Schaeffler is forecasting considerable revenue growth at constant currency, and to achieve an EBIT margin before special items of 6 to 9 percent.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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