Quarterly figures Q2/2021
Schaeffler grows stronger than expected
Suppliers have struggled considerably with coronavirus and the transformation to new technologies, particularly in the automotive sector. Now the end of the crisis seems to be in sight for at least one of them.
The automotive and industrial supplier Schaeffler has grown more strongly than expected in the recovery from the corona crisis and is once again more optimistic for the year as a whole.
In the second quarter, Schaeffler unexpectedly increased its revenue by half to 3.45 billion euros, as the SDax company announced in Herzogenaurach on Wednesday. Adjusted operating profit amounted to 319 million euros, the corresponding margin was 9.2%.
A year ago, Schaeffler had made an operating loss of 159 million euros due to the collapse of the automotive markets during the coronavirus crisis. This time, the company was also able to report a profit of 227 million euros after a loss of 175 million a year earlier.
Sales forecast raised slightly
The management team led by CEO Klaus Rosenfeld now expects a currency-adjusted increase in turnover of more than 11% in 2021. This should also result in higher operating profit, with the margin before interest and taxes adjusted for special effects now expected to be between 8 and 9.5% instead of just 7 to 9%.
Rosenfeld made it clear that the second half of the year would probably not be quite as strong as the first. He attributes the positive development primarily to high demand. "The markets have recovered faster than we actually thought," Rosenfeld told the German Press Agency on Wednesday. "There was more demand than expected, and this is coming up against a relatively low cost base," he explained.
Industrial business benefits from sustainability trend
New business in the area of sustainability was one of the driving forces. "Our industrial business will be one of the beneficiaries of the trend towards sustainability," said Rosenfeld, citing wind turbines and hydrogen technology as examples. "We have already reached our annual target for e-mobility," said Rosenfeld. Schaeffler received orders worth 2.1 billion euros in the first half of the year, for example for components for electric drives. From 2022, the company has set itself an order intake target of two to three billion euros. Investments in combustion engine technology will only be very focused, says Rosenfeld.
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