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Schaeffler Earnings Rise on Record Sales
Bearings supplier Schaeffler Group says its January-June earnings before interest and taxes climbed 9% to €787 million on record revenue of €6 billion, up 7% from the first half of 2013.
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Bearings supplier Schaeffler Group says its January-June earnings before interest and taxes climbed 9% to €787 million on record revenue of €6 billion, up 7% from the first half of 2013.
The company's automotive business expanded 9% to €4.4 billion for the six-month period. Results were aided by a 25% jump in sales in China. Sales climbed 9% in the remainder of Asia Pacific and 5% in Europe. Revenue gained 1% in the Americas.
Schaeffler confirms its earlier guidance of full-year revenue growth of more than 7% and an EBIT margin of 12%-13%.
The company says its global employment grew by 1,800 people to a record 80,400. Most of the additions were production workers in Europe and China.
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