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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.
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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%.
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