BERLIN (dpa-AFX) - Schaeffler AG (SCFLF.OB), an automotive and industrial supplier, Tuesday posted significantly lower profit for the full year 2019, with a slight improvement in revenues.
The Group's net income attributable to shareholders of the parent company was 428 million euros, considerably lower than last year's 881 million euros. Earnings per common non-voting share were 0.65 euros versus 1.33 euros in the prior year.
EBIT for the period slid to 790 million euros from 1.354 billion euros, hurt by special items totaling 372 million euros, mainly comprising 356 million euros in expenses related to the transformation and efficiency programs established in 2019.
However, EBIT before special items amounted to 1.161 billion euros, compared to 1.381 billion euros, representing an EBIT margin before special items of 8.1 percent versus 9.7 percent last year.
The Schaeffler Group's revenue for the full year edged up to 14.4 billion euros, compared to prior year's 14.2 billion euros. At constant currency, revenue grew by 0.1 percent. Region wise, the Greater China and Americas regions contributed to constant currency revenue growth, while revenue slid in the Europe and Asia/Pacific regions.
Looking ahead to the next year, the Group said it expects its revenue to grow by minus 2 to 0 percent at constant currency. It also expects an EBIT margin before special items of 6.5 to 7.5 percent in 2020.
In addition, Schaeffler said its board will propose a dividend of 45 cents to the annual general meeting.
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