Schaeffler Group reported 4.2 billion euros revenue, up 10.4 percent in first quarter

Global automotive and industrial supplier Schaeffler published its figures for the first three months of 2023. Revenue for the reporting period amounted to 4.2 billion euros (prior year: 3.7 billion euros), corresponding to a constant currency increase in revenue of 10.4 percent to which all divisions and regions contributed. Revenue in the Automotive Technologies, Automotive Aftermarket and Industrial divisions grew by 6.0 percent, 25.7 percent, and 13.4 percent at constant currency.

Revenue rose considerably, especially in the Europe region, where it gained 17.3 percent. In the Americas region, revenue grew by 5.4 percent at constant currency, with the Greater China region achieving constant-currency revenue growth of 1.0 percent. In the Asia/Pacific region, revenue increased by 12.9 percent at constant currency.

The Schaeffler Group generated 336 million euros (prior year: 258 million euros) in EBIT before special items in the first three months of the year, representing an EBIT margin before special items of 8.1 percent (prior year: 6.9 percent). The rise in the EBIT margin before special items was primarily attributable to sales mix and volumes.

Earnings for the reporting period were adversely affected by 92 million euros in special items (prior year: 11 million euros). EBIT amounted to 244 million euros (prior year: 247 million euros).

Klaus Rosenfeld, CEO of Schaeffler AG: “Schaeffler grew by more than 10 percent in the first three months of the year – a development driven first and foremost by the Automotive Aftermarket and Industrial divisions. The improvement in the EBIT margin before special items to 8.1 percent, to which the Automotive Technologies and Automotive Aftermarkets made a particularly strong contribution, was encouraging and deserves special mention.”