Learn more

Full-year profit fell in 2023 for German industrial and automotive supplier Schaeffler AG compared to 2022, it reported on Tuesday. Schaeffler reported that its fiscal 2023 net income attributable to shareholders of the parent company amounted to €310 million ($336 million), down from last year’s €557 million. The decline mainly reflected special items primarily attributable to the proposed acquisition of Vitesco Technologies Group AG. Adjusted net income amounted to €623 million, compared to the prior year’s €610 million. Earnings before financial result and income taxes, or EBIT, were €834 m…

cuu