(Reuters) -German machine and car parts maker Schaeffler reported a lower than expected second-quarter operating profit on Wednesday, impacted by lower demand in Europe and negative currency exchange
Schaeffler Reports Decline in Q2 Profit Due to Demand and Currency Issues
Schaeffler's Financial Performance Overview
(Reuters) -German machine and car parts maker Schaeffler reported a lower than expected second-quarter operating profit on Wednesday, impacted by lower demand in Europe and negative currency exchange effects.
Impact of Lower Demand
Schaeffler said its adjusted earnings before interest and taxes fell 15.8% to 205 million euros ($237.3 million) in the quarter, missing analysts' forecast of 227 million euros in a company-compiled consensus. The corresponding margin of 3.5% also fell slightly short of the 3.8% average estimate.
Currency Exchange Effects
"We are confident that our diversified positioning makes us well-equipped to respond appropriately and flexibly to the challenges ahead," CEO Klaus Rosenfeld said in a statement, as the company confirmed its full-year outlook.
CEO's Outlook on Future Challenges
($1 = 0.8639 euros)
(Reporting by Amir Orusov in Gdansk; editing by Milla Nissi-Prussak)
