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Schaeffler Q1 profit falls YOY

Schaeffler AG said its normalized net income for the first quarter was €159.3 million, a fall of 19.1% from €196.8 million in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to 4.8% from 6.6% in the year-earlier period.

Total revenue rose 12.4% on an annual basis to €3.35 billion from €2.98 billion, and total operating expenses grew 13.3% year over year to €2.92 billion from €2.58 billion.

Reported net income totaled €167.0 million, compared with €220.0 million in the year-earlier period.