Schaeffler has unveiled revenue for the first nine months of this year up 4.2% to EUR8.4bn (US$10.9bn), with EBIT margin of 13.6% and free cash flow of EUR92m.
The supplier said it had performed well during the first nine months of the year despite difficult economic conditions, particularly latterly. “The situation in our markets deteriorated further during the third quarter,” said Schaeffler CEO, Juergen Geissinger.
“Our industrial business in particular felt the impact of the difficult economic conditions in Europe and the slowdown in the economic development of the emerging countries over the course of the third quarter. However, we were able to again grow profitably within this challenging environment during the third quarter.”
The automotive division expanded by 7% to around EUR5.8bn, while industrial division revenue remained stable at around EUR2.6bn.
Regional revenues for the first three quarters were varied with revenue growth in North America accelerating slightly to 20% while revenue for the Asia/Pacific region rose by 10%, less than during the first six months.
Growth in Europe was 1%, while South American revenue fell by 12%.”