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Schaeffler Posts Loss In H1, Revenue Down

(RTTNews) - Schaeffler (SCFLF.OB), a supplier of components and systems to the automotive and industrial sectors, Tuesday posted a loss for the half year, as revenues declined across all segments, due to weak demand caused by the outbreak of corona virus pandemic.

For the half year, the Group posted a net loss of 353 million euros versus a net profit of 273 million euros. Loss per common non-voting share was 0.52 euros compared to profit of 0.42 euros last year.

Excluding special items, net loss attributable to shareholders before special items totaled 76 million euros versus net profit of 324 million euros in the prior year.

The Group's EBIT before special items was 65 million euros compared to last year's 556 million euros, EBIT margin before special items was 1.2 percent verus 7.7 percent in the prior year.

For the first half, Schaeffler's revenue declined to 5.574 billion euros, compared to prior year's 7.226 billion euros.

Although the Board suspended its full-year guidance for 2020 on March 24 due to the worldwide spread of the corona virus pandemic , the Group said it currently expects its revenue growth at constant currency and EBIT margin before special items for the full year 2020 to be below the corresponding prior year level.

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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