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Schaeffler Q1 profit climbs 8.4% YOY

Schaeffler AG said its first-quarter normalized net income amounted to 36 euro cents per share, compared with the S&P Capital IQ consensus estimate of 41 cents per share.

EPS rose 8.4% year over year from 33 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €237.9 million, an increase of 8.4% from €219.5 million in the prior-year period.

The normalized profit margin increased to 6.7% from 6.6% in the year-earlier period.

Total revenue climbed 6.9% year over year to €3.57 billion from €3.34 billion, and total operating expenses climbed 6.8% on an annual basis to €3.12 billion from €2.93 billion.

Reported net income grew 10.3% from the prior-year period to €279.0 million, or 42 cents per share, from €253.0 million, or 38 cents per share.