Automotive and industrial supplier Schaeffler has been ordered to pay a substantial fine after financial regulator BaFin determined that the company was too slow to report surprisingly strong quarterly results two years ago. The Federal Financial Supervisory Authority (BaFin) imposed a fine of 180,000 euros on the Herzogenaurach-based group, according to a statement released on Thursday. The regulator noted that while first-quarter 2024 figures deviated significantly from market expectations, they were not made transparent "immediately as inside information" as required by law. Schaeffler shares had surged by more than 13 percent on the day the results were eventually published.

Revenue had edged lower in the first three months of 2024, while operating profit (EBIT) before special items fell four percent to 322 million euros. Under the EU Market Abuse Regulation (MAR), companies are required to report facts that could significantly influence their share price immediately and may not wait for regular reporting dates, such as quarterly earnings releases. To gauge market expectations, many companies track analyst estimates for their financial performance ahead of time.

(Reporting by Alexander Huebner. Editing by Olaf Brenner. For inquiries, please contact our editorial team at berlin.newsroom@thomsonreuters.com (for politics and economics) or frankfurt.newsroom@thomsonreuters.com (for companies and markets).)