Schaeffler Reports Q1 Revenues Up - Tire Review Magazine

Schaeffler Reports Q1 Revenues Up

Global automotive and industrial supplier Schaeffler says the company is off to a good start in 2017 with an increase in revenue for the first three months of 2017.

Global automotive and industrial supplier Schaeffler says the company has had a good start in 2017 with revenue for the first three months of 2017 increased by 6.9% to EUR 3.6 billion ($3.91 billion USD). Adjusting for constant currency, growth amounted to 5.4% over the prior year.

The company’s automotive business reported revenue growth of 8.3%, outpacing global production volumes for passenger cars and light commercial vehicles (+4.2%). From a regional perspective, strong demand in China (which reported 20.1% in additional revenue) was the main driver of the upward revenue trend. In addition, Schaeffler’s automotive aftermarket business generated an 11.5% increase in revenue. The first quarter (Q1) trend in the industrial business was also positive with revenue growth of 2.4 percent.

“We are off to a good start in the new year,” said Klaus Rosenfeld, CEO of Schaeffler AG. “Our automotive business is consistently sustaining its above-market growth. Our industrial business is back on growth path.”

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