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Schaeffler Q3 profit falls YOY

Schaeffler AG said its third-quarter normalized net income came to 31 euro cents per share, a decrease of 18.9% from 38 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €187.5 million, a decrease from €190.9 million in the year-earlier period.

The normalized profit margin dropped to 5.8% from 6.3% in the year-earlier period.

Total revenue grew 7.1% year over year to €3.25 billion from €3.03 billion, and total operating expenses climbed 7.5% year over year to €2.82 billion from €2.62 billion.

Reported net income decreased 7.4% from the prior-year period to €212.0 million, or 35 cents per share, from €229.0 million, or 46 cents per share.