Schaeffler has published its 2017 interim financial report and announced the company grew its revenue by 3.8% or by 7 billion Euros (approximately $8.2 billion).
The Automotive division increased its revenue by 4.2% at constant currency in the first half of 2017, once again outpacing global production of passenger cars and light commercial vehicles, which rose by 2.6% during the reporting period. The increase was largely driven by the Greater China region, which experienced a growth rate of more than 20%. As a result of slower growth in global automobile production and temporary supply chain shortages in the Aftermarket business, the second quarter was less dynamic than the first.
For 2017, the Schaeffler Group anticipates revenue growth of 4 to 5% at constant currency, an EBIT margin of 11 to 12% before special items, and free cash flow of approximately EUR 500 million ($586 million) before external growth.