The automotive supplier currently sees growth opportunities, particularly in the USA. The next plant could also be built there.
(Photo: dpa)
Munich The automotive supplier Schaeffler got off to a good start in the new year, mainly thanks to a strong spare parts business. In the first quarter, sales rose by a good ten percent to 4.2 billion euros compared to the same period last year. “We continue to invest in our future fields and will continue to improve our profitability,” said CEO Klaus Rosenfeld on Tuesday.
Earnings before interest and taxes remained the same at 244 million euros. Adjusted for special factors, it rose from 258 to 336 million euros, which corresponded to a margin of 8.1 percent in the first quarter of 2023. Net financial debt increased by a third to almost three billion euros due to the drawing of a loan. Like the entire industry, the roller bearing manufacturer will have to make the difficult transformation into a supplier for electric vehicles in the coming years.
The automotive industry as a whole is currently cautiously optimistic about the current year. “The passenger car markets in Germany and Europe are developing a little better than expected, which is of course good news,” said Hildegard Müller, President of the VDA industry association. However, high energy and commodity prices dampened the recovery.
The global car market is still well below the pre-crisis level
According to the VDA, the world market should grow by four percent this year to almost 75 million new cars sold. However, the industry is still well below the pre-crisis level.
Schaeffler was able to increase business with car manufacturers in the automotive division by six percent in the first quarter. The company should therefore have grown somewhat faster than the market. The Aftermarket division with the spare parts business grew more strongly by a good quarter. The previous year’s figures were particularly low here. In the industrial division, sales rose by a good 13 percent.
There were also large regional differences. While Schaeffler grew at a double-digit rate in Europe and the Asia-Pacific region, sales in the Americas region increased by just over five percent and in China by just one percent.
Scheffler boss Rosenfeld had already made it clear that he sees future expansion opportunities primarily in North America. Although the following applies: “A withdrawal from China is not an alternative for Schaeffler.” However, the USA is currently particularly attractive because of the government investment programs.
In the past full year, Schaeffler increased sales by a good nine percent to 15.8 billion euros, adjusted for currency effects. A third of the growth was due to higher prices. The operating result before special effects fell from a good 1.2 to around one billion euros, which corresponded to a margin of 6.6 percent. According to earlier information, Rosenfeld expects sales growth of five to eight percent and an EBIT margin before special items of 5.5 to 7.5 percent for the full year 2023.
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