SFFLY - Schaeffler AG (SFFLY) Q1 2024 Earnings Call Transcript
2024-05-11 07:04:09 ET
Schaeffler AG (SFFLY)
Q1 2024 Earnings Conference Call
May 07, 2024 04:00 AM ET
Company Participants
Renata Casaro - Head of Investor Relations
Klaus Rosenfeld - Chief Executive Officer
Claus Bauer - Chief Financial Officer
Conference Call Participants
Akshat Kacker - JPMorgan
Marc-Rene Tonn - Warburg Research
Horst Schneider - Bank of America
Edoardo Spina - HSBC
Michael Punzet - DZ Bank
Presentation
Renata Casaro
Yes, [Darwin] (ph), thank you very much. Dear analysts and dear investors, welcome to the Q1 2024 Earnings Release. And without further ado, I pass the floor to Mr. Klaus Rosenfeld, CEO of the Schaeffler Group. Klaus, the floor is yours.
Klaus Rosenfeld
Thank you very much, Renata. Ladies and gentlemen, welcome to our Q1 earnings call. We are ready to share that presentation with you that you should have on your screens or that you should have received this morning. As usual, the presentation is structured into two main parts. I will take the overview and the business highlights and Claus is going to go in detail through the numbers.
Let me start on Page 4, with the key messages. We can present today a strong Q1 in a continued difficult market environment. I think the numbers speak for themselves. If you look at the top line, Q1 sales are flat, but we have to look at that against the high-comps of Q1 2023.
Automotive Tech was a positive development, also positive outperformance, Vehicle Lifetime Solutions with a strong topline, good growth, very positive for us. And then, weaker sales in Bearings & Industrial Solutions, as expected a difficult market environment. You already see from the terms that we’re using here that this is now the new segment reporting, where automotive bearings has been transferred into the Bearings & Industrial Solution division.
Second key message, order intake in Q1 strong. We are proud to say that we already booked in the first quarter EUR1.5 billion in E-Mobility against our proven target, EUR2 billion to EUR3 billion that is half the way. And, I will come back to that later where that is coming from. Orderbook situation in industrial, one of the key questions from the conversations we had with you, how is that going to develop? And, we see that Q1 indicates that we see the trough in Q2, the Orderbook Industrials clearly gaining momentum....
Schaeffler AG (SFFLY) Q1 2024 Earnings Call Transcript