BERLIN (dpa-AFX) - Schaeffler AG has issued a combined guidance for the financial year 2024 that includes Schaeffler Group's earnings for the first nine months and assumes full consolidation of Vitesco Technologies Group AG as of 1 October 2024.
As a consequence of adjustment of the earnings forecast of Vitesco Technologies Group AG, Schaeffler has decided to revise the combined guidance for the full year 2024 for Schaeffler AG. The decision to adjust the guidance also reflects the continuing weak performance of the Bearings & Industrial Solutions division.
With an unchanged combined guidance of considerable sales growth, Schaeffler AG now expects a combined adjusted EBIT margin of 5% to 8% for the full year 2024 compared to the prior outlook of 6% to 9%.
Schaeffler Group's preliminary revenue, excluding the fully consolidated Vitesco Technologies Group, amounted to 4.191 billion euros in the second quarter of 2024 up from 4.056 billion euros in the prior year.
The company noted that the weaker than expected profitability of the Bearings & Industrial Solutions division led to an EBIT margin before special effects at Group level of 4.9% in the second quarter compared to the previous year 7.1%.
The final results for the second quarter of 2024 will be published on 6 August 2024.
In a separate press release, Vitesco Technologies reported that its preliminary group sales for the second quarter 2024 were 2.025 billion euros compared to 2.442 billion euros in the prior year.
Vitesco's adjusted EBIT for the second quarter will amount to roughly 82 million euros compared to 67 million euros in the prior year.
Vitesco Technologies now expects group sales for the full year 2024 to be around 8.100 billion euros compared to the prior outlook of 8.300 billion euros to 8.800 billion euros.
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