Schaeffler Grows in Challenging Market Environment

Schaeffler AG has reported a revenue increase of 2.0 percent at constant currency for the first half of 2024, reaching 8,276 million euros. The growth was driven primarily by higher volumes in the Vehicle Lifetime Solutions division, with contributions from the Automotive Technologies division as well. However, the EBIT margin before special items dropped to 6.3 percent, due in part to declines in revenue and earnings within the Bearings & Industrial Solutions division.

The company faced mixed trends across regions. Revenue increased in Europe, the Americas, and Asia/Pacific regions but fell in Greater China. Schaeffler's integration with Vitesco remains on track, and the company continues to focus on diversification and resilience to navigate the challenging environment.

Despite the challenging market, the Vehicle Lifetime Solutions division exhibited a 17.6 percent rise in constant-currency revenue. In contrast, Bearings & Industrial Solutions saw a 3.9 percent decline. The company has adjusted its full-year 2024 guidance to reflect these mixed performances and ongoing integration efforts with Vitesco.