Schaeffler is optimistic for the 2023 financial year despite the slump in business in China

Schaeffler is optimistic for the 2023 financial year despite the slump in business in China

According to a report by www.finanzen.net Automotive and industrial supplier Schaeffler earned more in the third quarter than experts expected. Despite a slump in Greater China, the outlook for the 2023 financial year was confirmed at group level. The good growth in the European market in particular plays a crucial role.

Currency-adjusted sales growth was 0.5 percent in the third quarter, but fell by a nominal 4.2 percent year-on-year due to the stronger euro. Adjusted earnings before interest and taxes fell by 4.1 percent to 340 million euros, which was higher than experts expected. The planned takeover of Vitesco remains a price driver, although Schaeffler's value on the stock market has fallen by almost a fifth since the beginning of the year.

The sales shares in Europe and China play an important role for Schaeffler. While growth of almost six percent was recorded in Europe, there was a decline in sales of almost ten percent in the greater China area. The automotive supply division accounted for 60 percent of sales, while the spare parts business grew by almost nine percent.

Despite these developments, CEO Klaus Rosenfeld confirmed the outlook for the 2023 financial year. However, the forecast for the expected currency-adjusted sales growth for industrial supplies was lowered from 6-8 percent to 4.5-5.5 percent.

The planned takeover of Vitesco and the associated offer prices are also in focus. The Schaeffler share was temporarily up 2.49 percent at 5.15 euros in XETRA trading.

Overall, it is clear that Schaeffler is achieving solid results despite challenges in China and is still on track to achieve its goals. However, global economic developments and progress in the planned acquisition of Vitesco will be important factors influencing the market and industry in the coming quarters.