March 5 (Reuters) - German automotive and industrial supplier Schaeffler AG reported quarterly adjusted core profit (EBIT) of 1.19 billion ($1.29 billion) on Tuesday, weighed down by weak demand in China for the group's Industrial division.

The result missed a consensus of 1.24 billion euros for the year compiled by Vara Research and supplied by the company.

A supplier to machine and vehicle makers, Schaeffler's fortunes are closely tied to broader industrial activity. Chinese factory activity has been largely subdued since the pandemic, according to official surveys, and eurozone manufacturing PMI has been below 50 since July 2022, indicating falling activity.

Schaeffler's EBIT margin of the year was 7.3%, slightly below the 7.6% analysts had expected in the Vara poll.

Schaeffler expects considerable revenue growth and an EBIT margin before special items of 6% to 9% for 2024, including the consolidated accounts of Vitesco, with which Schaeffler is in the process of merging.

The ball-bearings specialist


it would acquire powertrain supplier Vitesco Technologies in October last year, aiming to increase its product line of parts for electric vehicles.

The deal, which had been expected to close by January 2024, will be voted on by the AGMs of each company in April. ($1 = 0.9219 euros) (Reporting by Louis van Boxel-Woolf and Chiara Holzhaeuser, Editing by Louise Heavens)