(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.
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.
“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.
($1 = 0.8639 euros)
(Reporting by Amir Orusov in Gdansk; editing by Milla Nissi-Prussak)
