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Schaeffler Posts Higher Revenue, Pretax Earnings
Schaeffler AG increased revenue 9% to €13.2 billion ($14.6 billion), led by 11% growth in the German high-tech bearing supplier’s automotive operations.
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Schaeffler AG increased revenue 9% to €13.2 billion ($14.6 billion), led by 11% growth in the German high-tech bearing supplier’s automotive operations.
Earnings before interest and taxes rose 7% to €1.7 billion ($1.9 billion). EBIT fell 8% when a special provision set aside for risks associated with an EU antitrust investigation is included.
Schaeffler's net income in 2015 fell 10% to €591 million ($656 million). The company expects its revenue will climb 3%-5% this year, with automotive operations growing faster than global production of cars and light commercial vehicles.
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