Of the Supplier Schaeffler has noticeably lowered its sales expectations after the third quarter due to the slack in global car production. The currency-adjusted sales growth this year should now be over 7 percent instead of over 11 percent, as the company announced. The reason for this is the significantly worsened annual outlook for the global construction of passenger cars and light commercial vehicles, which has deteriorated due to the lack of parts. In the earnings forecast, however, the francs remain after an unexpectedly good performance in the third quarter – the margin for earnings before interest and taxes adjusted for special effects should still be between 8 and 9.5 percent.
In the third quarter, Schaeffler performed significantly better than analysts expected, which was mainly due to the strong industrial division. Sales fell by 1.8 percent to 3.33 billion euros. Adjusted for currency effects, this was a decrease of 3 percent. Adjusted earnings before interest and taxes were 15.6 percent below the previous year’s figure of 272 million euros, but were significantly better than expected. The corresponding margin fell by 1.3 percentage points to 8.2 percent. The bottom line is that Schaeffler made a profit of 149 million euros after the company reported a loss of 171 million euros a year ago. (dpa-AFX / gem)
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