Mexican Media Brands
Schaeffler’s Auto Unit Hikes Earnings 3%
Strong sales to the auto industry helped Germany bearing supplier Schaeffler Group hike revenue 12% to €6.7 billion or 4.9% when corrected for currency fluctuations in the first half of 2015.
#economics
Share
Strong sales to the auto industry helped Germany bearing supplier Schaeffler Group hike revenue 12% to €6.7 billion or 4.9% when corrected for currency fluctuations in the first half of 2015. Earnings before interest and taxes rose 2% to €818 million.
Revenue from automotive operations jumped 14% to €5.1 billion (7% when corrected for exchange rates). EBIT climbed 3% to €647 million.
But weak results for Schaeffler's industrial business prompted the company to announce it will eliminate about 500 jobs at the unit through attrition over the next two years. The unit's 8% revenue gain to €1.7 billion in January-June became a 1% decline when adjusted for currency rates. And EBIT for the period dropped 2% to €171 million.
Schaeffler confirms its full-year guidance for adjusted revenue growth of 5%-7% and an EBIT margin of 12%-13%.
RELATED CONTENT
-
On Quantum Navigation, EVs, Auto Industry Sales and more
Sandia’s quantum navi, three things about EVs, transporting iron ore in an EV during the winter, going underwater in an EV (OK, it is a sub), state of the UK auto industry (sad), why the Big Three likes Big Vehicles, and the future of logistics.
-
On Urban Transport, the Jeep Grand Wagoneer, Lamborghini and more
Why electric pods may be the future of urban transport, the amazing Jeep Grand Wagoneer, Lamborghini is a green pioneer, LMC on capacity utilization, an aluminum study gives the nod to. . .aluminum, and why McLaren is working with TUMI.
-
Enterprise Edges into Self-Driving Car Market
U.S. rental car giant Enterprise Holdings Inc. is the latest company to venture into the world of self-driving vehicles.