BERLIN (dpa-AFX) - Schaeffler AG (SCFLF.OB), a German manufacturer of rolling element bearings, reported Wednesday a net loss in fiscal 2024, compared to prior year's profit, despite increased revenues.
Further, the company said its Board of Managing Directors and the Supervisory Board will propose a dividend of 0.25 euros per common share for 2024 to the annual general meeting in April, compared to prior year's 0.45 euros per common non-voting share and 0.44 euros per common share.
Looking ahead, for fiscal 2025, Schaeffler Group anticipates 23 billion euros to 25 billion euros in revenue, and adjusted EBIT margin of 3 to 5 percent.
Along with group-level earnings, Schaeffler will present earnings for the four divisions, E-Mobility, Powertrain & Chassis, Vehicle Lifetime Solutions, and Bearings & Industrial Solutions, and Others starting January 1, 2025.
For the year 2024, net loss was 632 million euros, compared to prior year's net income of 309 million euros. Loss per share was 0.86 euros, compared to prior year's profit of 0.46 euros.
The latest result was adversely affected by 725 million euros in special items partly resulting from restructuring costs.
Adjusted net income amounted to 93 million euros, compared to prior year's net income of 623 million euros.
Adjusted EBIT was 811 million euros, down 31.6 percent from last year's 1.19 billion euros. Adjusted EBIT margin at 4.5 percent was lower than prior year's 7.3 percent.
Revenue for the reporting period was 18.19 billion euros, up 11.5 percent from 16.31 billion euros a year ago. Constant-currency revenue growth amounted to 12.9 percent, attributable to the revenue contributed by the acquired Vitesco Technologies Group AG.
Schaeffler Group consolidated Vitesco in the fourth quarter.
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