Germany's Schaeffler misses expectations for 2023 core profit

Schaeffler AG

05/03/2024 07:31

March 5 (Reuters) - German automotive and industrial
supplier Schaeffler AG  SHA_p.DE  reported quarterly adjusted
core profit (EBIT) of 1.19 billion ($1.29 billion) on Tuesday,
weighed by weak demand in China for the group's Industrial
division. 
    The result missed a consensus of 1.24 billion euros for the
year compiled by Vara Research supplied by the company.   
    Schaeffler's EBIT margin of the year was 7.3%, slightly
below the 7.6% analysts had expected in the Vara poll.  
    


($1 = 0.9219 euros)

 (Reporting by Louis van Boxel-Woolf and Chiara Holzhaeuser,
Editing by Louise Heavens)
 ((Louis.vanBoxel-Woolf@thomsonreuters.com;
Chiara.Holzhaeuser@thomsonreuters.com))