BERLIN (dpa-AFX) - German automotive and industrial supplier Schaeffler (SCFLF.OB) reported Wednesday that its first-half net income attributable to shareholders of the parent company increased to 267 million euros from prior year's 249 million euros.
Earnings per share were 0.41 euro, compared to 0.38 euro a year ago.
Net income before special items amounted to 338 million euros, compared to 265 million euros last year.
Schaeffler generated EBIT before special items of 625 million euros, up from 458 million euros last year. EBIT margin before special items was 7.6 percent, higher than prior year's 6.1 percent.
Revenue increased to 8.21 billion euros from prior year's 7.55 billion euros. The growth was 10.1 percent at constant currency.
In the second quarter, EBIT before special items climbed 44.3 percent from last year to 289 million euros, and EBIT margin improved to 7.1 percent from 5.3 percent a year ago. Revenue for the second quarter rose by 9.8 percent at constant currency to 4.06 billion euros.
Looking ahead for fiscal 2023, the company expects EBIT margin before special items to be 6 to 8 percent, higher than previous outlook of 5.5 to 7.5 percent.
Based on the expected performance of the divisions, Schaeffler continues to expect its revenue to grow by 5 to 8 percent at constant currency in 2023.
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