Schaeffler Group said it set new records for sales and operating profits in the first six months of 2011.
First half sales rose 18% year to date to approximately EUR5.4bn. Automotive division sales rose 16% to EUR3.6bn.
Operating result (EBIT) in the first six months increased by 20% to EUR883m. Return on sales based on EBIT rose to 16.4% from 16.2%. Net income improved by EUR901m to EUR641m.
For the second half, the group is expecting continued strong demand for its components and systems, although growth rates are likely to slow down compared with the first six months.
“We have slightly raised our sales expectations for 2011 as a whole, due to the excellent development in the first six months of the year, [and are now expecting a sales increase of more than 10%. Against the backdrop of our planned capacity building measures and the anticipated rise in material and personnel costs, we continue to expect an EBIT margin of over 13%.”