Bearings and vehicle component maker Schaeffler said it remains “optimistic” this year, even though profits fell in 2012 by 1.9% to EUR872m (US$1.13 bn).
Earnings before interest and tax (EBIT), dropped by 17.6% to EUR1.4bn while revenues grew by 4% to EUR11.1bn.
Go deeper with GlobalData
Chief executive Juergen Geissinger said: “The Schaeffler group continued its course for growth in 2012 despite a market environment that weakened increasingly over the course of the year.”
The company said it is not expecting the European automotive markets to recover quickly and “North America and Asia/Pacific are and will remain growth drivers”.
Geissinger added: “Based on these factors, we are aiming for revenue growth of approximately 4% and an EBIT margin of approximately 13% in 2013.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
