Schaeffler has posted first quarter revenue of EUR3.3bn (US$3.7bn), slightly above the prior year level, with growth of 2.4% at constant currency.

From a regional perspective, it was primarily strong demand in China and Asia-Pacific, which contributed to additional revenue. The aftermarket business was also successful.

“Despite the challenging environment, 2016 has started off well for us,” said Schaeffler CEO, Klaus Rosenfeld.

“At constant currency, our automotive business continues to grow significantly more rapidly than the market.”

“The environment in the industrial business remains demanding. We are continuing to work diligently on improving the efficiency and competitiveness of our industrial business under our ‘CORE’ programme.”

The company confirmed its guidance for 2016 as a whole.

The Schaeffler Group continues to anticipate revenue growth of 3% to 5% at constant currency, an EBIT margin of 12% to 13% before special items and a free cash flow of around EUR600m for the year as a whole.