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Schaeffler Q3 profit climbs 66.6% YOY

Schaeffler AG said its third-quarter normalized net income came to 38 euro cents per share, compared with the S&P Capital IQ consensus estimate of 36 cents per share.

EPS increased 66.6% year over year from 23 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €255.4 million, an increase of 66.6% from €153.3 million in the prior-year period.

The normalized profit margin increased to 7.4% from 4.7% in the year-earlier period.

Total revenue increased 5.2% on an annual basis to €3.43 billion from €3.27 billion, and total operating expenses climbed 5.8% on an annual basis to €3.02 billion from €2.85 billion.

Reported net income increased 71.9% year over year to €306.0 million, or 46 cents per share, from €178.0 million, or 27 cents per share.