Schaeffler AG : FY 23 earnings slightly below expectations, but FY 24 guidance looks encouraging

>FY 2023 results a bit mixed - Schaeffler’s FY 23 group sales rose +3% y-o-y to € 16.31bn with organic growth of +5.8%, broadly in line with our and market expectations. Group adj. EBIT rose +14% y-o-y to € 1.19bn (-4% vs ODDO BHF and cons.) with an adj. EBIT margin of 7.3% (ODDO BHF and cons.: 7.6%). The deviation vs our expectations is driven by a weaker-than-expected performance from the Industrial division (adj. EBIT -9% vs ODDO BHF). Schaeffler’s reported FY 23 ...