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Schaeffler Posts 7% Sales Gain in Third Quarter
Schaeffler AG reports third-quarter revenue of €3.3 billion ($3.5 billion) compared with €3 billion in the same period last year.
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Schaeffler AG reports third-quarter revenue of €3.3 billion ($3.5 billion) compared with €3 billion in the same period last year. The gain was the bright spot in an otherwise lackluster July-September.
Earnings before interest and taxes grew 1% to €433 million ($464 million), but net income dipped 1% to €212 million ($227 million).
The company, which continues to pay down €11 billion in debt amassed in 2008 when it acquired a 90% stake in Continental AG, reports its net financial debt rose 3% to €6 billion ($6.4 billion) in the third quarter.
Schaeffler notes its revenue through the first nine months of 2015 climbed nearly 11% to €10 billion ($10.7 billion), led by a 13% increase in automotive-related sales of its bearings and other precision powertrain components. EBIT for the period rose 2% to €1.3 billion ($1.4 billion), and free cash flow from operations more than doubled.
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