January 22, 2025 09:33 GMT
AUTOMOTIVE: Schaeffler (SHAEFF Baa3[N]/BB+/BB+): Profit Warning
AUTOMOTIVE
Credit negative for both Schaeffler and the auto sector on read-across.
- Schaeffler posted preliminary FY24 figures. Revenue missed consensus by 4% following a weak 4Q.
- Adj. EBIT margin is seen at 4.5%, below 5-8% guidance. Consensus was 5.9%.
- FCF was €360mn, with consensus around €200mn (3 estimates) and ahead of €200-300mn guidance. We expect this was working capital driven, with no further details currently available.
62 words