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Schaeffler profit misses consensus by 20.9% in Q2

Schaeffler AG said its normalized net income for the second quarter came to 28 euro cents per share, compared with the S&P Capital IQ consensus estimate of 35 cents per share.

EPS fell 14.5% year over year from 32 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €184.4 million, a decrease of 14.5% from €215.8 million in the year-earlier period.

The normalized profit margin dropped to 5.3% from 6.4% in the year-earlier period.

Total revenue rose on an annual basis to €3.47 billion from €3.37 billion, and total operating expenses increased 6.8% from the prior-year period to €3.12 billion from €2.92 billion.

Reported net income declined 14.5% year over year to €206.0 million, or 31 cents per share, from €241.0 million, or 36 cents per share.