BERLIN (dpa-AFX) - Schaeffler AG (SCFLF.OB), a German manufacturer of rolling element bearings, reported Tuesday that its second-quarter net income attributable to shareholders were 33 million euros, 76.3 percent down from last year's 138 million euros.
Earnings per share were 0.04 euro, compared to 0.21 euro last year.
Adjusted net income was 54 million euros, compared to 142 million euros in the prior year.
EBITDA declined to 421 million euros from 531 million euros a year ago. Adjusted EBITDA was 447 million euros, down from 537 million euros last year. Adjusted EBITDA fell to 10.7 percent from 13.2 percent a year ago.
Revenues, however, grew 3.3 percent to 4.19 billion euros from last year's 4.06 billion euros.
Looking ahead for fiscal 2024, Schaeffler Group continues to anticipate considerable revenue growth, excluding the impact of currency translation.
In addition, the company now expects to generate an EBIT margin before special items of 5 to 8 percent in 2024.
The company previously expected adjusted EBIT margin of 6 percent to 9 percent in 2024.
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