Schaeffler has recorded first-quarter revenue down 9.2% to EUR3.3bn (US$3.6bn), while EBIT fell to EUR215m from EUR272m the previous year.
EBIT for the reporting period was adversely affected by EUR302m (prior year: EUR42m) in special items.
These included an impairment of goodwill allocated to the Automotive OEM division by EUR249m, as the coronavirus pandemic led to increased uncertainty regarding the development of Schaeffler Group’s business.
“The coronavirus pandemic confronts us with unprecedented challenges,” said Schaeffler CEO, Klaus Rosenfeld. “Our results for the first quarter of 2020 are robust. The positive development of our free cash flow is particularly encouraging.
“We are reaping the benefits of having started to proactively manage our capital expenditures and working capital last year. Combined with our comfortable liquidity position and the high quality of our balance sheet, we are confident we will successfully overcome the current crisis.
“The second quarter will be difficult. We will continue to consistently carry out the countermeasures we have put in place.”
Specific guidance for 2020 is currently still not possible