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Schaeffler’s Earnings Surge 52%
Bearing supplier Schaeffler Group reports its net income in the first quarter of 2016 jumped to €253 million ($286 million) from €167 million in the same period last year.
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Bearing supplier Schaeffler Group reports its net income in the first quarter of 2016 jumped to €253 million ($286 million) from €167 million in the same period last year.
Revenue for the period was flat at €3.3 billion ($3.7 billion). Earnings before interest and taxes fell 3% to €421 million ($476 million).
Schaeffler’s net financial debt on March 31 was €4.9 billion, unchanged from the end of the previous quarter. Negative free cash flow deepened to €112 million from €60 million a year earlier. The company reiterates its full-year guidance for revenue growth of 3%-5%, EBIT margin of 12%-13% and free cash flow of about €600 million.
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